| Short-term bank loans |
Note 11. Short-term bank loans
Short-term bank loans consisted of the following:
| | |
As of
December 31,
2025 | | |
As of
December 31,
2024 | |
| Fujian Rural Commercial Bank | |
$ | 357,495 | | |
$ | 410,998 | |
| Industrial and Commercial Bank of China | |
| 4,261,344 | | |
| 4,082,584 | |
| China Merchants Bank | |
| — | | |
| 136,999 | |
| Total short-term bank loans | |
$ | 4,618,839 | | |
$ | 4,630,581 | |
As of December 31, 2025, bank loans of $4,261,344
are secured by land-use rights and buildings owned by Ewatt and guaranteed by Wenzao Huang, Baohua Xu, Yunjun Huang and Zhaoxia Chen. A
bank loan of $357,495 is secured by personal guarantees of Wenzao Huang, Baohua Xu, Jinliang Xu, Xiaolong Chen and Yunjun Huang. All the
guarantors, except Baohua Xu, are shareholders of the company, of whom Wenzao Huang and Yunjun Huang are also directors. Baohua Xu is
the spouse of Wenzao Huang. The interest is paid on a monthly basis and the principal is repaid in full at maturity.
Short-term loans as of December 31, 2025
consisted of following:
For the year ended December 31, 2025 secured
short-term bank loans | | Loan
commencement
date | | Loan
maturity
date | | Loan
amount
in RMB | | | Loan
amount
in USD | | | Effective
interest
rate | | | Industrial and Commercial Bank of China | | July 28, 2025 | | July 10, 2026 | | | 6,780,000 | | | $ | 969,527 | | | | 1.30 | % | | Industrial and Commercial Bank of China | | July 28, 2025 | | July 14, 2026 | | | 6,170,000 | | | | 882,298 | | | | 1.30 | % | | Industrial and Commercial Bank of China | | July 28, 2025 | | July 16, 2026 | | | 7,050,000 | | | | 1,008,137 | | | | 1.30 | % | | Industrial and Commercial Bank of China | | May 21, 2025 | | May 7, 2026 | | | 7,000,000 | | | | 1,000,987 | | | | 3.85 | % | | Industrial and Commercial Bank of China | | February 28, 2025 | | February 6, 2026 | | | 2,800,000 | | | | 400,395 | | | | 3.85 | % | | Fujian Rural Commercial Bank | | August 29, 2025 | | August 29, 2026 | | | 2,500,000 | | | | 357,495 | | | | 4.95 | % | | Total secured short-term bank loans as of December 31, 2025 | | | | | | | 32,300,000 | | | $ | 4,618,839 | | | | | | Short-term loans as of December 31, 2024
consisted of following:
For the year ended December 31, 2024 secured
short-term bank loans | | Loan
commencement
date | | Loan
maturity
date | | Loan
amount
in RMB | | | Loan
amount
in USD | | | Effective
interest
rate | | | Industrial and Commercial Bank of China | | December 13, 2024 | | November 19, 2025 | | | 6,000,000 | | | $ | 821,998 | | | | 4.20 | % | | Industrial and Commercial Bank of China | | November 7, 2024 | | June 6, 2025 | | | 9,900,000 | | | | 1,356,294 | | | | 4.20 | % | | Industrial and Commercial Bank of China | | December 9, 2024 | | August 8, 2025 | | | 6,900,000 | | | | 945,296 | | | | 4.20 | % | | Industrial and Commercial Bank of China | | May 29, 2024 | | May 22, 2025 | | | 7,000,000 | | | | 958,996 | | | | 4.20 | % | | Fujian Rural Commercial Bank | | August 21, 2024 | | August 20, 2025 | | | 3,000,000 | | | | 410,998 | | | | 4.95 | % | | China Merchants Bank | | January 30, 2024 | | January 29, 2025 | | | 1,000,000 | | | | 136,999 | | | | 4.83 | % | | Total secured short-term bank loans as of December 31, 2024 | | | | | | | 33,800,000 | | | $ | 4,630,581 | | | | | |
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