| Note 9 - Credit facilitates |
Note 9 – Credit facilitates
Banking facilities
Outstanding balance of banking facilities consisted of the following:
Lender
|
| Term
|
| Interest
rate
|
| Collateral/Guarantee
|
| As of
December 31,
2025
|
| As of
December 31,
2024
|
|
|
|
|
|
|
|
|
|
|
|
Bank of China (Shenzhen Bao’an Branch)
|
| 12 months from the first actual withdrawal date
|
| Floating rate, repriced every 6 months; annualized interest rate 3.05%; effectively 5 bps above 1-year LPR
|
| Joint borrowers are Tongri Industrial Automation Equipment (Shenzhen) Co., Ltd. and Mr. Jingan Tang, senior manager.
|
| $
| 714,990
|
| $
| -
|
DBS Bank, Ltd. (“DBS”)
|
| 300 monthly instalments from the date of first disbursement
|
| Effective on June 6, 2022, the repriced interest rate changes to 1st year and 2nd year fixed rate at 2.58%; SORA in-advance plus 3.00% (Margin)
|
| Guaranteed by Mr. Wanjun Yao, the major shareholder, and the properties of Tung Resources
|
|
| 1,276,318
|
|
| 1,241,762
|
Total
|
|
|
|
|
|
|
|
| 1,991,308
|
|
| 1,241,762
|
Total current portion of banking facilities
|
|
|
|
|
|
|
|
| (808,394)
|
|
| (80,588)
|
Total noncurrent portion of banking facilities
|
|
|
|
|
|
|
| $
| 1,182,914
|
| $
| 1,161,174
|
Interest expense pertaining to the above loans for the years ended December 31, 2025, 2024 and 2023 amounted to $66,306, $66,864 and $110,136, respectively.
|