| Schedule of Bank Borrowings |
Bank borrowings as of December 31, 2025 and March
31, 2026 consisted of the followings:
| | |
December 31, | | |
March 31, | |
| | |
2025 | | |
2026 | |
| Short-term bank borrowings | |
$ | 28,532,938 | | |
$ | 37,386,698 | |
| Long-term bank borrowings | |
| 4,118,628 | | |
| 7,652,360 | |
| | |
$ | 32,651,566 | | |
$ | 45,039,058 | |
|
| Schedule of Facilities were also Secured by the Company’s Assets |
The facilities were also secured by the Company’s
assets with the following carrying amounts:
| | |
December 31, | | |
March 31, | |
| | |
2025 | | |
2026 | |
| Pledged deposits (note 2) | |
$ | 67,376,113 | | |
$ | 88,130,092 | |
| Bills receivables (note 3) | |
| 1,449,358 | | |
| 6,690,322 | |
| Right-of-use assets (note 9a) | |
| 5,019,028 | | |
| 11,283,270 | |
| Buildings (note 6) | |
| 43,200,786 | | |
| 45,180,265 | |
| | |
$ | 117,045,285 | | |
$ | 151,283,949 | |
|
| Schedule of Other Short-Term Loans |
Other short-term loans as of December 31, 2025
and March 31, 2026 consisted of the following:
| | |
| |
December 31, | | |
March 31, | |
| | |
Note | |
2025 | | |
2026 | |
| Advance from related parties | |
| |
| | |
| |
| – Mr. Xiangqian Li, the Company’s Former CEO | |
(a) | |
$ | 100,000 | | |
$ | 100,000 | |
| – Mr. Yunfei Li, the Company’s Former CEO | |
(b) | |
| 157,236 | | |
| 156,593 | |
| | |
| |
| 257,236 | | |
| 256,593 | |
| Advances from unrelated third party | |
| |
| | | |
| | |
| – Mr. Wenwu Yu | |
(c) | |
| 1,401 | | |
| 1,422 | |
| – Ms. Longqian Peng | |
(c) | |
| 7,262 | | |
| 7,371 | |
| – Suzhou Zhengyuanwei Needle Ce Co., Ltd | |
(d) | |
| 71,257 | | |
| 72,329 | |
| | |
| |
| 79,920 | | |
| 81,122 | |
| | |
| |
$ | 337,156 | | |
$ | 337,715 | |
| (a) | Advances from Mr. Xiangqian Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand. |
| (b) | Advances from Mr. Yunfei Li, the Company’s former CEO, was unsecured, non-interest bearing and repayable on demand. |
| (c) | Advances from unrelated third parties were unsecured, non-interest bearing and repayable on demand. |
| (d) | In 2019, the Company entered into a short term loan agreement with
Suzhou Zhengyuanwei Needle Ce Co., Ltd, an unrelated party to loan RMB0.6 million (approximately $0.1 million), bearing annual interest
rate of 12%. As of March 31, 2026, loan amount of RMB0.5 million ($72,329) remained outstanding. |
|