v3.26.1
Note 11 - Notes Payable and Long-term Debt
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 11.  Notes Payable and Long-Term Debt

​

Notes payable and long-term debt consisted of the following for the periods indicated (in thousands):

​

  

June 30, 2026

  

December 31, 2025

 

Revolving line of credit and equipment term loan with a China bank up to $44 million with interest at 2.6% and 3%, maturing June 25, 2027 and June 12, 2032, respectively

 $21,069  $20,203 

Revolving line of credit with a China bank up to $14.7 million with interest at 2.45%, maturing March 26, 2027

  14,682   13,772 

Revolving line of credit and equipment term loan with a China bank up to $3.0 million with interest at 3%, maturing May 8, 2028

  734   - 

Revolving line of credit with a China bank up to $2.9 million with interest at 2.45%, maturing December 28, 2026

  -   - 

Revolving line of credit with a China bank up to $14.7 million with interest at 2.31%, maturing June 25, 2027

  14,682   - 

Revolving line of credit with a China bank up to $2.9 million with interest at 2.4%, maturing June 11, 2027

  1,468   - 

Revolving line of credit with a Taiwan bank up to $3.1 million with interest at 2.5%, maturing July 13, 2026

  3,140   - 

Revolving line of credit with a Taiwan bank up to $3.1 million with interest at 3.20%, maturing August 25, 2026

  3,140   - 

Revolving line of credit and equipment term loan with a Taiwan bank up to $8.8 million with interest at 3%, maturing June 11, 2027 and June 11, 2029, respectively

  -   - 

Total

 $58,915  $33,975 

Less current portion

  (57,258)  (33,975)

Non-current portion

 $1,657  $- 

 

Bank Acceptance Notes Payable

 June 30, 2026  December 31, 2025 

Bank acceptance notes issued to vendors with 0.05% handling fees

 $33,940  $33,363 

 

 

SPD Credit Line

 

On July 29, 2025, Global entered into a five-year revolving credit line agreement with Shanghai Pudong Development Bank Co., Ltd. in Ningbo City, China ("SPD"), totaling 250,000,000 RMB (the "¥250M SPD Credit Line"), or approximately $34.9 million at that time, and a mortgage contract. The ¥250M SPD Credit Line is included in the prior 82,000,000 RMB credit facility entered into by Global on July 18, 2025.

 

On June 11, 2026, Global entered into a one-year revolving credit line agreement with SPD increasing the ¥250M SPD Credit Line to 500,000,000 RMB (the "¥500M SPD Credit Line"), or approximately $73.8 million at that time. Borrowing under the ¥500M SPD Credit Line will be used for general corporate and capital investment purposes. Global's obligation under the ¥500M SPD Credit Line will be secured by certain real property owned by Global. As of June 30, 2026, $21.1 million was outstanding under the ¥500M SPD Credit Line, and the outstanding balance of bank acceptance notes under this bank issued to vendors was $9.5 million. The unused credit as of June 30, 2026 was $45.7 million.

 

CCB Loan

 

On June 12, 2025, Global entered into a one-year credit facility with China Construction Bank Co., Ltd., in Ningbo, City, China ("CCB"), totaling 96,800,000 RMB (the "CCB Credit Facility"), or approximately $13.5 million at that time.

 

On June 26, 2025, Global entered into a five-year revolving credit line agreement with CCB, totaling 162,260,000 RMB (the "CCB Credit Line"), or approximately $22.7 million at that time. The amount available under the CCB Credit Line is inclusive of the CCB Credit Facility previously granted by CCB on June 12, 2025.  On December 19, 2025, the CCB Credit Line was increased to 250,000,000 RMB. Global's obligation under the CCB Credit Line is secured by certain real property owned by Global. As of June 30, 2026, there was $14.7 million outstanding under the CCB Credit Line. The outstanding balance of bank acceptances notes under this bank issued to vendors was $20.2 million as of June 30, 2026. The unused credit as of June 30, 2026 was $5.9 million.  

 

NBCB Loan

 

On June 23, 2025, Global entered into a five-year credit facility with Bank of Ningbo, in Ningbo City, China, totaling 20,000,000 RMB (the "NBCB Credit Facility"), or approximately $2.8 million at that time. On December 19, 2025, the parties entered into an amendment to the NBCB Credit Facility, increasing the credit limit to 50,000,000 RMB, or approximately $7.1 million at that time (the "NBCB Credit Line"). As of June 30, 2026, there was $0.7 million outstanding under the NBCB Credit Line. The outstanding balance of bank acceptance notes issued to vendors under this bank was $4.3 million as of June 30, 2026. The unused credit as of June 30, 2026 was $2.3 million.  

 

CZB Loan

 

On December 26, 2025, Global entered into an asset pooling cooperation agreement with China Zheshang Bank in Ningbo City, China totaling 40,000,000 RMB (the "CZB Credit Line"), or approximately $5.7 million at that time. As of June 30 2026, there was $1.5 million outstanding under the CZB Credit Line. The unused credit as of June 30, 2026 was $1.5 million.

 

BOC Loan

 

On April 29, 2026, Global entered into a one-year credit facility with Bank of China in Ningbo City, China, totaling 100,000,000 RMB (the "BOC Credit Line"), or approximately $14.7 million at that time. As of June 30, 2026, there was $14.7 million outstanding under the BOC Credit Line. The unused credit as of June 30, 2026 was $0.  

 

BOKF Loan

 

On July 31, 2025, the Company entered into a Loan and Security Agreement with BOKF, NA dba BOK Financial, as agent for secured parties (the "BOKF Credit Facility"). The BOKF Credit Facility provides the Company with a three-year, $35 million revolving line of credit, with the ability to request additional lender commitments in an aggregate amount not to exceed $40 million (for a total aggregate amount of $75 million) pursuant to certain conditions. As of June 30, 2026, $0 was outstanding under the BOKF Credit Facility.

 

Taishin Loan

 

On November 27, 2025, Prime World entered into a credit facility with Taishin International Bank in Taiwan, consisting of a NT$100,000,000 line of credit (the "NT$100M Credit Line"), or approximately $3.1 million at that time, and a US$2,000,000 line of credit (the "US$2M Credit Line", collectively, with the NT$100M Credit Line, the "Taishin Credit Facility"). Prime World may utilize the Taishin Credit Facility from November 27, 2025 through October 31, 2026. Borrowings under the NT$100M Credit Line may be drawn as short-term loans, while the US$2M Credit Line is a derivatives-based facility and may be used by Prime World to enter into foreign exchange hedging transactions. As of June 30, 2026, the $3.1 million was outstanding under the NT$100M Credit Line and the US$2M Credit Line was unutilized.

 

FCB Loan

 

           On January 2, 2026, Prime World entered into a credit facility with First Commercial Bank in Taiwan, consisting of a NT$100,000,000 line of credit (the "FCB Credit Facility"), or approximately $3.1 million at that time. As of June 30, 2026, there was $3.1 million outstanding under the FCB Credit Facility.

 

CTBC Loan

 

On June 11, 2026, Prime World entered into a credit facility with CTBC Bank Co., Ltd. in Taiwan, consisting of a NT$100,000,000 line of credit and a NT$180,000,000 equipment term loan (collectively, the "CTBC Credit Facility"), or approximately a total of $8.8 million at that time. As of June 30, 2026, the CTBC Credit Facility was unutilized.

 

Covenants

 

As of June 30, 2026, we were in compliance with the covenants in the lending arrangements.

 

 

 

Unused Borrowing Capacity

 

As of  June 30, 2026 and December 31, 2025 , the Company had $106.5  million and $60.7 million  of unused borrowing capacity, respectively.

 

As of  June 30, 2026 and December 31, 2025, there was $6.9  million and $8.7 million of restricted cash, investments or security deposits associated with the loan facilities, respectively.