15. RELATED PARTY TRANSACTIONS

Intercompany balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated upon consolidation; therefore, those items are not disclosed in this note. The table below sets forth the major related parties and their relationships with the Group as of December 31, 2023 and 2024:

From February 2021 to November 2021, the Company entered into several loan agreements with Nobel Consumer Corporation for an aggregate amount of $ 300, which had a 2-year term with a 2% interest rate per annum. Before the maturity date, the Company renewed the loan agreements with Nobel Consumer Corporation to extend the maturity date of the loans. An aggregate amount of $200 will be due on June and November 2025, and an amount of $100 will be due on February 2027.

From March 2022 to December 2022, the Company entered additional loan agreements with Nobel Consumer Corporation and Fu-Feng Kuo for an aggregate amount of $595 and $342, respectively, which had two-year term with a 2% interest rate per annum. Before the maturity date, the Company renewed the loan agreements to extend the maturity date of the loans due on March 2026 to December 2026.

From January 2023 to December 2023, the Company and HEB entered additional loan agreements with Nobel Consumer Corporation, Fu-Feng Kuo, and Panatoz Corporation for an aggregate amount of $480, $1,083 and $463, respectively, which had two-year term with a 2% interest rate per annum. On September 8, 2023, the Company repaid amount of $120 to Fu-Feng Kuo. Before the maturity date, the Company renewed several loan agreements to extend the maturity date of the loans due in January 2027 to March 2027, with an agreement amount of $520.

From January 2024 to December 2024, the Company and HEB entered additional loan agreements with Nobel Consumer Corporation, Fu-Feng Kuo, Panatoz Corporation, and Zhao Jian Fu Co., Ltd. for an aggregate amount of $338, $713, $911, and $465, respectively, which had two-year term with a 2% interest rate per annum. As of December 31, 2024, the accrued interest expenses to Nobel Consumer Corporation, Fu-Feng Kuo, Panatoz Corporation and Zhao Jian Fu Co., Ltd. were $64, $53, $21, and $9 respectively.

In the subsequent period, the Company and HEB borrowed an aggregate amount of $655, $98, and $152 from Nobel Consumer Corporation, Fu-Feng Kuo, and Panatoz Corporation as of March 31, 2025, respectively. These new loans had a two-year term with a 2% interest rate per annum.

HEB leased the facilities for office, research and development, and manufacturing facilities in Taiwan from Panatoz Corporation, Zhao Jian Fu Co., Ltd., and Fu-Feng Kuo, respectively. See Note 6.

During 2018 and 2019, Fu-Feng Kuo and Ru-Ting Chen paid securities exchange tax and bridge loan fees on behalf of the Company, respectively. As of December 31, 2023 and 2024, the aggregate balance of due to Fu-Feng Kuo and Ju-Ting Chen were $628 and $628, respectively.

Nobel Consumer Corporation, Panatoz Corporation, Zhao Jian Fu Co., Ltd., Fu-Feng Kuo, and Ju-Ting Chen provided guarantees of short-term and long-term loans from Shanghai Commercial & Savings Bank, Ltd., short-term loan from Taipei Fubon Bank loan, and long-term loans from Taiwan Cooperative Bank to HEB. As of December 31, 2023 and 2024, the amount of borrowing guaranteed were $10,209 and $9,314, respectively.

The related party balances and transactions were summarized as follows:

(a) Related party balances

(b) Related party transactions

During the years ended December 31, 2023 and 2024, related party transactions of rental expenses consisted of the following: