Short-Term Borrowings

12 Months Ended

Dec. 31, 2024

12. Short-term borrowings

Type of loans		December 31, 2023			December 31, 2024
	Bank loans
	Secured bank loans	$	1,269,945		$	1,075,904
	Unsecured bank loans		3,103,473			—
	Other loans		876,815			—
		$	5,250,233		$	1,075,904
	Interest rate range		0.53	%~8%		2.94	%~3.24%
	Unused credit lines of short-term bank loans
US$			—			—

Between January and September 2024, the Company issued convertible promissory notes aggregating to $1,725,471 to its existing shareholders and other third parties, of which, part of the convertible promissory notes is issued in exchange to terminate the short-term borrowing plus accumulated interest totaled $509,041 (classified as “Other loans”), please see Note 13 f) for the terms and conditions of the convertible promissory notes.

The table below summarizes the maturity profile of the short-term borrowings excluding the current portion of long-term borrowings (see Note 16 for further information) as of December 31, 2023 and 2024 based on the contractual due date:

2023	1 to 3 months		4~6 months		Over 6 months		Total
Type of loans
Secured bank loans	$	325,627	$	944,318	$	—	$	1,269,945
Unsecured bank loans		2,042,578		—		1,060,895		3,103,473
Other loans		176,815		700,000		—		876,815
	$	2,545,020	$	1,644,318	$	1,060,895	$	5,250,233

2024	1 to 3 months (Note)		4~6 months		Over 6 months		Total
Type of loans
Secured bank loans	$	770,933	$	304,971	$	—	$	1,075,904

____________

Note: $304,971 of loan repayable in 1 to 3 months period was extended to 2026/3/3 before issuance of these consolidated financial statements.

Information relating to interest rate risk and liquidity risk are provided in Note 42 a).