| NOTES PAYABLE |
| | |
As of
December 31,
2025 | | |
As of
December 31,
2024 | |
| Bank acceptance notes payable issued by Industrial Bank Fuzhou Branch | |
$ | - | | |
$ | 6,955 | |
| Commercial acceptance notes payable guaranteed by China Postal Savings Bank Fuzhou Branch | |
| 6,403 | | |
| 4,196 | |
| Letters of Credit issued by Industrial Bank Fuzhou Branch (a) | |
| 2,845 | | |
| 3,756 | |
| Total | |
$ | 9,248 | | |
$ | 14,907 | |
| (a) | On September 16, 2025, Industrial Bank Fuzhou Branch issued letter of credits approximately $2.8 million (RMB20.0 million) to the Company with due date of September 16, 2026. The letter of credit were drawn down from Industrial Bank Fuzhou Branch’s credit line. |
The movement of notes payable is as follows:
| | |
Years ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| Beginning balance | |
$ | 14,907 | | |
$ | 8,471 | | |
$ | 2,046 | |
| Additions | |
| 9,114 | | |
| 34,003 | | |
| 8,515 | |
| Repayments | |
| (15,016 | ) | |
| (27,381 | ) | |
| (2,022 | ) |
| Exchange rate effect | |
| 243 | | |
| (186 | ) | |
| (68 | ) |
| Total | |
$ | 9,248 | | |
$ | 14,907 | | |
$ | 8,471 | |
|