| BANK BORROWINGS |
10. BANK BORROWINGS
Outstanding balances of bank borrowings
as of December 31, 2024 and 2025 consist of the following:
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| | |
US$ | | |
US$ | |
| Bank borrowings | |
| | |
| |
| Guaranteed(i) | |
| 433,991 | | |
| 415,947 | |
| Short-term bank borrowings(ii),(iii) | |
| 433,991 | | |
| 415,947 | |
| (i) | The bank borrowings were guaranteed by Mr. Shek Kin Pong, a director of the Company, and the HKMC Insurance Limited under a financing aid program for SMBs operating in Hong Kong. |
| (ii) | As of December 31, 2024 and 2025, the Company had bank borrowings amounted to US$433,991 and US$415,947, respectively, which contained repayment on demand clauses. Accordingly, they have been classified as current liabilities. For the purpose of the illustration, such bank borrowings are included within short-term bank borrowings and represented as bank borrowings repayable on demand. |
| (iii) | The bank borrowings are all denominated in HK$. |
Bank borrowings as at December 31,
2024 and 2025 are as follows:
| | | | | | | | | | | Balance as at
December 31, | | | Lender | | Type | | Maturity date | | Currency | | Interest rate | | 2024 | | | 2025 | | | | | | | | | | | | | US$ | | | US$ | | | The Hongkong and Shanghai Banking Corporation Limited | | Term loan | | 8 years with repayable on demand clause | | HK$ | | Prime rate – 2.25% | | | 433,991 | | | | 415,947 | |
As of December 31, 2024, the contractual
repayment schedule is as follows:
| | |
US$ | |
| Year ending December 31, 2025 | |
| 105,732 | |
| Year ending December 31, 2026 | |
| 109,084 | |
| Year ending December 31, 2027 | |
| 112,542 | |
| Year ending December 31, 2028 | |
| 90,305 | |
| Year ending December 31, 2029 | |
| 16,328 | |
| Total bank borrowings | |
| 433,991 | |
As of December 31, 2025, the contractual
repayment schedule is as follows:
| | |
US$ | |
| Year ending December 31, 2026 | |
| 88,636 | |
| Year ending December 31, 2027 | |
| 109,143 | |
| Year ending December 31, 2028 | |
| 112,182 | |
| Year ending December 31, 2029 | |
| 89,725 | |
| Year ending December 31, 2030 | |
| 16,261 | |
| Total bank borrowings | |
| 415,947 | |
|