v3.25.2
Bank and Other Borrowings
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
Bank and Other Borrowings

Note 6 – Bank and Other Borrowings

 

As of March 31, 2025 and December 31, 2024, the bank and other borrowings consisted of the following:

 

       Principal       Fixed Interest   March 31,   December 31, 
Initiation date  Loan No.   Amount   Maturity date   Rate   2025   2024 
May 13, 2020   #1   $500,000    April 13, 2050    3.75%  $-   $- 
May 17, 2022   #2   $25,050    August 1,2025    5.50%   -    5,022 
September 9, 2022   #3   $150,000    September 9, 2025    6.75%   -    40,438 
August 1, 2023   #4   $87,199    July 1, 2031    6.50%   -    66,413 
November 13, 2023   #5   $120,000    November 13, 2026    9.25%   -    80,505 
Total loans payable                       -    192,378 
Current portion                       -    (94,007)
Non-current portion                      $-   $98,371 

 

Notes:

 

(1) Loan #1 is guaranteed by Cheung Chi Ping (“Mr. Cheung”), director of the Company, and Chrome I and secured by all intangible and tangible personal property of Mr. Cheung.
(2) Loan #2 is secured by the land of the golf course of the Company.
(3) Loan #3 is secured by the buildings of the golf clubs of the Company.
(4) Loan #4 is secured by the golf course of the Company and repayable in eight years
(5) Loan #5 is secured by the land and building of the golf clubs of the Company.

 

 

During the three months ended March 31, 2025 and 2024, the Company recognized interest expenses of $4,491 and $10,186, respectively. All bank and other borrowings have been early repaid upon listing.

 

Note 6 – Bank and Other Borrowings

 

As of December 31, 2024 and 2023, the bank and other borrowings consisted of the following:

 

      Principal      Fixed Interest   As of December 31, 
Initiation date  Loan No.  Amount   Maturity date  Rate   2024   2023 
May 13, 2020  #1  $500,000   April 13, 2050   3.75%  $-   $488,961 
May 17, 2022  #2  $25,050   August 1,2025   5.50%   5,022    13,975 
September 9, 2022  #3  $150,000   September 9, 2025   6.75%   40,438    91,202 
August 1, 2023  #4  $87,199   July 1, 2031   6.50%   66,413    74,089 
November 13, 2023  #5  $120,000   November 13, 2026   9.25%   80,505    117,088 
Total loans payable                   192,378    785,315 
Current portion                   (94,007)   (135,970)
Non-current portion                  $98,371   $649,345 

 

Notes:

 

(1) Loan #1 is guaranteed by Cheung Chi Ping (“Mr. Cheung”), director of the Company, and Chrome I and secured by all intangible and tangible personal property of Mr. Cheung.
(2) Loan #2 is secured by the land of the golf course of the Company.
(3) Loan #3 is secured by the buildings of the golf clubs of the Company.
(4) Loan #4 is secured by the golf course of the Company and repayable in eight years
(5) Loan #5 is secured by the land and building of the golf clubs of the Company.

 

During the years ended December 31, 2024, 2023 and 2022, the Company recognized interest expenses of $25,550, $30,393 and $36,196, respectively.

 

Future minimum payments under bank and other borrowings as of December 31, 2024 were as follows:

 

Year ending December 31,  Total 
2025  $94,204 
2026   49,205 
2027   9,501 
2028   10,138 
2029   10,817 
Thereafter   18,513 
Total bank and other borrowings  $192,378