| SHORT-TERM AND LONG-TERM DEBT |
NOTE
3 SHORT-TERM AND LONG-TERM DEBT
The
short-term debt balances were as follows:
SCHEDULE
OF SHORT-TERM DEBT
| | |
December 31, 2024 | | |
December 31, 2023 | |
| | |
| | |
| |
| Loan from Shanghai Commercial Bank at 3.1%-3.2%
interest rate per annum. Due
originally in January 2025 and subsequently replaced with a new loan which matures January 2026. | |
$ | 183,011 | | |
$ | 88,032 | |
| Loan from HuaNam Bank at 3.4%
interest rate per annum. Due
in June 2025. | |
| 91,505 | | |
| 97,777 | |
| Loan from ChangHwa Bank at 3%
-3.3%
interest rate per annum. Due
in May 2025. | |
| 152,509 | | |
| 162,962 | |
| Balance at end of period | |
$ | 427,025 | | |
$ | 348,771 | |
As
of December 31, 2024, there was $29,013 of restricted cash pledged as security for the Shanghai Commercial Bank short term loan.
The
Long-term debt balances were as follows:
SCHEDULE
OF LONG-TERM DEBT
| Loans from Shanghai Commercial Bank with interest rates 2.1%
per annum due January
2029 (1) | |
$ | 498,195 | | |
$ | - | |
| Current Portion of Long-term debt | |
| (122,007 | ) | |
| - | |
| Balance at end of period | |
$ | 376,188 | | |
$ | - | |
SCHEDULE OF MINIMUM PAYMENT OF LONG TERM DEBT
| | |
| | |
| 2025 | |
$ | 122,007 | |
| 2026 | |
| 122,007 | |
| 2027 | |
| 122,007 | |
| 2028 | |
| 122,007 | |
| Thereafter | |
| 10,167 | |
| Total | |
$ | 498,195 | |
| (1) | On
January 24, 2024, the Company received a facility notice from Shanghai Commercial Bank, granting
a revolving loan facility totaling up to TWD 10,000,000
(approximately $300,000 USD) and term loan facility amounting
of TWD 20,000,000
(approximately ($600,000 USD). The term for the
revolving loan is 1
year and for the term loan is 5
years. The 5
year term loan requires monthly payments including interest
and principle, and the revolving loan requires a full principal repayment at the maturity
date. The short-term Shanghai Commercial Bank loan is 75%
securitized by the government guarantee fund called SME credit guarantee fund and 10%
by saving deposit security. The guarantors of this loan are Mr. Siu and Mr. Cheung, who are
both part of Iveda Taiwan’s management team. |
|