Bank and other Loans and Banking Facilities (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Debt Disclosure [Abstract] |
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| Summary of Bank and other Loans and Banking Facilities |
Bank and other loans consist of the following:
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At December 31, |
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Current portion of long term bank loans |
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$ |
122,883 |
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|
$ |
5,224 |
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|
$ |
15,762 |
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$ |
18,157 |
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$ |
27,860 |
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Short term third party loans |
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— |
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— |
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— |
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6,243 |
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7,649 |
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Total short term debt |
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122,883 |
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5,224 |
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15,762 |
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24,400 |
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35,509 |
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Total Long term bank loans |
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$ |
123,159 |
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$ |
184,766 |
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$ |
164,580 |
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$ |
146,295 |
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$ |
134,663 |
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Debt insurance cost |
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(276 |
) |
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— |
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— |
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— |
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— |
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Less: current maturities |
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(122,883 |
) |
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(5,224 |
) |
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(15,762 |
) |
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(18,157 |
) |
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|
(27,860 |
) |
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Long term bank loans |
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$ |
— |
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|
$ |
179,542 |
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$ |
148,818 |
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$ |
128,138 |
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$ |
106,803 |
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| Summay of Maturities of Long-term Bank Loan |
Future maturities of long-term bank loans are as follows:
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At December 31, |
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2022 |
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$ |
5,224 |
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$ |
— |
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$ |
— |
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$ |
— |
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2023 |
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$ |
17,195 |
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$ |
15,762 |
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$ |
— |
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$ |
— |
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2024 |
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$ |
20,149 |
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$ |
18,470 |
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$ |
18,157 |
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$ |
— |
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2025 |
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$ |
31,398 |
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$ |
28,781 |
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$ |
28,293 |
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$ |
27,860 |
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2026 |
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$ |
69,896 |
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$ |
64,071 |
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$ |
62,985 |
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$ |
62,532 |
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2027 |
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$ |
17,780 |
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$ |
16,298 |
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$ |
16,022 |
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$ |
16,286 |
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2028 |
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$ |
23,124 |
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$ |
21,198 |
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$ |
20,838 |
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$ |
21,028 |
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2029 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
615 |
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Thereafter |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
6,342 |
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Total |
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$ |
184,766 |
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$ |
164,580 |
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$ |
146,295 |
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$ |
134,663 |
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| Summary of Long-Term Bank Loans |
The details of long-term bank loans during the years ended December 31, 2021, 2022, 2023 and 2024 are as follows:
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Year End
December 31, 2020 |
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Year End
December 31, 2021 |
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Loan from Bank of Beijing |
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Due August 14, 2022, at 6.46% per annum |
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$ |
7,017 |
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Quarterly |
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$ |
— |
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— |
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Loan from Bank of China (1) |
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Due November 7, 2028, at 6.072% per annum |
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$ |
95,559 |
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$ |
94,601 |
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Loan from Xiamen International Bank |
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Due January 6, 2022, at 7.40% per annum |
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$ |
16,365 |
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Semi-annually |
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$ |
— |
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— |
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Loan from Industrial Bank |
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Due October 20, 2022, at 6.175% per annum |
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$ |
4,218 |
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Quarterly |
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$ |
— |
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— |
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Loan from Bank of Guangzhou (2) |
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Due August 25, 2026, at 6.5% per annum |
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$ |
— |
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— |
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$ |
90,165 |
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Semi-annually |
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$ |
123,159 |
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$ |
184,766 |
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Year End
December 31, 2022 |
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Year End
December 31, 2023 |
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Loan from Bank of China (1) |
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Due November 7, 2028, at 6.072% per annum |
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$ |
81,929 |
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$ |
73,170 |
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Loan from Bank of Guangzhou (2) |
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Due August 25, 2026, at 6.5% per annum |
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$ |
82,651 |
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Semi-annually |
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$ |
73,125 |
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Semi-annually |
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$ |
164,580 |
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$ |
146,295 |
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Year End
December 31, 2024 |
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Due November 7, 2028, at 6.072% per annum |
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62,172 |
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Loan from Bank of Guangzhou |
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Due August 25, 2026, at 6.5% per annum |
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$ |
64,006 |
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Semi-annually |
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Loan from Shenzhen Rural Commercial Bank |
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Due December 26, 2032, at 4.5% per annum
and December 31, 2029, at 3.4% per annum |
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$ |
8,485 |
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per month |
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$ |
134,663 |
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