| LONG-TERM LOANS |
NOTE
13 – LONG-TERM LOANS
As
of December 31, 2025, the long-term loans consisted of the following:
| Description | | Amount – RMB | | | Amount – USD | | | Issuance Date | | Expiration Date | | Interest | | | WeBank Shenzhen | | | 228,571 | | | $ | 32,685 | | | 2025.05.07 | | 2027.04.23 | | | 8.62 | % | | WeBank Shenzhen | | | 380,952 | | | | 54,475 | | | 2025.04.10 | | 2027.04.23 | | | 12.16 | % | | WeBank Shenzhen | | | 380,952 | | | | 54,475 | | | 2025.04.10 | | 2027.04.23 | | | 12.16 | % | | WeBank Shenzhen | | | 380,952 | | | | 54,475 | | | 2025.04.10 | | 2027.04.23 | | | 12.16 | % | | WeBank Shenzhen | | | 380,952 | | | | 54,475 | | | 2025.04.10 | | 2027.04.23 | | | 12.16 | % | | WeBank Shenzhen | | | 380,952 | | | | 54,475 | | | 2025.04.10 | | 2027.04.23 | | | 11.16 | % | | WeBank Shenzhen | | | 500,000 | | | | 71,499 | | | 2025.12.03 | | 2027.11.23 | | | 13.99 | % | | WeBank Shenzhen | | | 500,000 | | | | 71,499 | | | 2025.12.03 | | 2027.11.23 | | | 13.99 | % | | WeBank Shenzhen | | | 500,000 | | | | 71,499 | | | 2025.12.03 | | 2027.11.23 | | | 13.99 | % | | WeBank Shenzhen | | | 500,000 | | | | 71,499 | | | 2025.12.03 | | 2027.11.23 | | | 13,99 | % | | Longwan Rural Commercial Bank | | | 1,200,000 | | | | 171,599 | | | 2023.06.02 | | 2026.05.30 | | | 6.60 | % | | Longwan Rural Commercial Bank | | | 1,750,000 | | | | 250,247 | | | 2023.06.02 | | 2026.05.30 | | | 6.60 | % | | Minsheng Bank | | | 6,200,000 | | | | 886,589 | | | 2025.11.14 | | 2032.11.14 | | | 2.70 | % | | Minsheng Bank | | | 16,000,000 | | | | 2,287,970 | | | 2025.05.20 | | 2034.11.20 | | | 2.70 | % | | Subtotal | | | 29,283,331 | | | | 4,187,461 | | | | | | | | | | | Current portion of long-term loans | | | (5,441,349 | ) | | | (778,103 | ) | | | | | | | | | | Total | | RMB | 23,841,982 | | | $ | 3,409,358 | | | | | | | | | |
As
of December 31, 2024, the long-term loans consisted of the following:
| Description | | Amount – RMB | | | Amount – USD | | | Issuance Date | | Expiration Date | | Interest | | | WeBank Shenzhen | | | 38,095 | | | $ | 5,219 | | | 2023.04.27 | | 2025.04.27 | | | 6.6528 | % | | WeBank Shenzhen | | | 155,556 | | | | 21,311 | | | 2024.02.26 | | 2026.02.23 | | | 6.8760 | % | | WeBank Shenzhen | | | 214,286 | | | | 29,357 | | | 2024.03.29 | | 2026.03.23 | | | 6.8760 | % | | WeBank Shenzhen | | | 904,762 | | | | 123,952 | | | 2024.07.29 | | 2026.07.23 | | | 6.0400 | % | | WeBank Shenzhen | | | 1,000,000 | | | | 136,999 | | | 2024.09.11 | | 2026.09.23 | | | 5.8300 | % | | WeBank Shenzhen | | | 280,000 | | | | 38,360 | | | 2024.09.11 | | 2026.09.23 | | | 5.8300 | % | | WeBank Shenzhen | | | 200,000 | | | | 27,400 | | | 2024.11.04 | | 2026.10.23 | | | 5.8300 | % | | Longwan Rural Commercial Bank | | | 1,200,000 | | | | 164,399 | | | 2023.06.05 | | 2026.05.30 | | | 6.6 | % | | Longwan Rural Commercial Bank | | | 1,750,000 | | | | 239,749 | | | 2023.06.05 | | 2026.05.30 | | | 6.6 | % | | Minsheng Bank | | | 10,000,000 | | | | 1,369,994 | | | 2024.08.06 | | 2027.07.15 | | | 3.5 | % | | Minsheng Bank | | | 5,000,000 | | | | 684,997 | | | 2024.08.13 | | 2027.07.15 | | | 3.5 | % | | Minsheng Bank | | | 9,000,000 | | | | 1,232,995 | | | 2024.08.16 | | 2027.07.15 | | | 3.5 | % | | Subtotal | | | 29,742,698 | | | | 4,074,733 | | | | | | | | | | | Current portion of long-term loans | | | (1,179,047 | ) | | | (161,529 | ) | | | | | | | | | | Total | | RMB | 28,563,651 | | | $ | 3,913,204 | | | | | | | | | | The
long-term bank loans from Minsheng Bank are collateralized by certain assets of the Company. As of December 31, 2025, the collateral
consisted of land use rights held by Ruike with a carrying amount of $2,543,916. In the prior year, as of December 31, 2024, the loans
were secured by leased property held under a lease agreement with Ailefu (see Note 8 — Leases for additional information).
For
the years ended December 31, 2025, 2024, and 2023, interest expenses on long-term loans amounted to $163,333, $101,159, and $245,897,
respectively.
|