| Bank Loan Payables |
11. Bank Loan Payables
Bank loan payables represented amount due to various banks and trust
company maturing within one or over one year. The principal of the borrowing is due at maturity. Bank loan payables consisted of
the following:
| | |
As of
June 30,
2025 | | |
As of
December 31,
2024 | |
| WeBank Co., Ltd. (“WeBank”) | |
$ | 5,654 | | |
$ | 39,547 | |
| Xinwang Bank | |
| 18,343 | | |
| 32,006 | |
| Guangdong Nanyue Bank Co., Ltd. (“Nanyue Bank”) | |
| - | | |
| 17,981 | |
| China Minsheng Bank Corp., Ltd. (“Minsheng Bank”) | |
| 4,642 | | |
| 27,811 | |
| Total bank loan payables (current and non-current) | |
$ | 28,639 | | |
$ | 117,345 | |
| Bank | | Loan
Agreement
Date | | Loan
Amount | | | Interest
Rate | | | Maturity
Date | | Guaranteed by | | Balance at
June 30,
2025 | | | Balance at December 31,
2024 | | | WeBank | | 2023-03-03 | | | 98,560 | | | | 14.26 | % | | 2025-02-24 | | *Peng Yao, the legal representative of Yifang | | | - | | | | 9,133 | | | | | 2023-03-16 | | | 21,120 | | | | 8.35 | % | | 2025-03-24 | | Peng Yao, the legal representative of Yifang | | | - | | | | 2,569 | | | | | 2023-03-16 | | | 33,792 | | | | 8.35 | % | | 2025-03-24 | | Peng Yao, the legal representative of Yifang | | | - | | | | 5,137 | | | | | 2023-03-20 | | | 42,240 | | | | 8.82 | % | | 2025-03-24 | | Peng Yao, the legal representative of Yifang | | | - | | | | 4,110 | | | | | 2023-08-24 | | | 24,077 | | | | 11.16 | % | | 2025-08-24 | | Peng Yao, the legal representative of Yifang | | | 1,989 | | | | 7,809 | | | | | 2023-09-25 | | | 29,568 | | | | 12.78 | % | | 2025-09-22 | | Xingbo Wang, the legal representative of Gongwuyuan | | | 3,665 | | | | 10,789 | | | NanYue Bank | | 2023-03-16 | | | 98,560 | | | | 8.35 | % | | 2025-03-24 | | Peng Yao, the legal representative of Yifang | | | - | | | | 11,987 | | | | | 2023-03-16 | | | 49,280 | | | | 8.35 | % | | 2025-03-24 | | Peng Yao, the legal representative of Yifang | | | - | | | | 5,994 | | | China Minsheng Bank | | 2023-03-20 | | | 78,848 | | | | 8.82 | % | | 2025-03-24 | | Peng Yao, the legal representative of Yifang | | | - | | | | 9,590 | | | | | 2023-08-24 | | | 56,179 | | | | 11.16 | % | | 2025-08-24 | | Peng Yao, the legal representative of Yifang | | | 4,642 | | | | 18,221 | | | Xinwang Bank | | 2024-01-17 | | | 56,163 | | | | 18.00 | % | | 2026-01-17 | | NA | | | 18,343 | | | | 32,006 | | | Total bank loan payables | | | | | | | | | | | | | | | | $ | 28,639 | | | $ | 117,345 | | | Current portion of bank loan payables | | | | | | | | | | | | | | | | $ | 28,639 | | | $ | 117,345 | |
| * | Xingbo
Wang, a related party of the Company, serves as the legal representative of Gongwuyuan. Peng Yao, a related party of the Company, serves
as the legal representative of Yifang. |
For the six months ended June 30, 2025, the weighted
average annual interest rate for the bank loans was approximately 8.19%. Interest expense for the above-mentioned loans amounted
to $4,644 and $23,955 during the six months ended June 30, 2025 and 2024, respectively.
As of June 30, 2025, the future minimum bank loan
payments to be paid by year are as follows:
| Year Ending | |
Amount | |
| June 30, 2026 | |
$ | 29,888 | |
| Less: Imputed interest | |
| (1,249 | ) |
| Total Bank loan payable | |
$ | 28,639 | |
|