BORROWINGS |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Borrowings | |
| BORROWINGS | NOTE 11 – BORROWINGS
The Company entered into a loan agreement with Shandong Shouguang Industrial and Commercial Bank Co., Ltd. for a principal amount of $2,845,400, bearing interest at 6.375% per annum, with a maturity date of December 26, 2025. The borrowing was guaranteed by Yang Ming, Yu Wenxiang, and Shouguang Broadcasting and Television Group Col, Ltd. The borrowing was also secured by land and buildings owned by Shandong Shouguang Vegetable Seed Industry Group Co., Ltd. The Company paid interest on a monthly basis, however, the principal balance became past due and remained unpaid as of December 31, 2025 due to disputes between the Company and the bank.
The Company entered into a loan agreement with Shandong Shouguang Rural Commercial Bank Co., Ltd. for a principal amount of $2,344,610, bearing interest at 6.35% per annum, with a maturity date of March 26, 2027. The borrowing was guaranteed by Yang Ming and Yu Wenxiang secured by the 15th and 16th floors of Meilin Building, located in Shouguang, Shandong China, which are owned by Shandong Shouguang Hongye Economic and Trade Co., Ltd. The company pays interest monthly and the principal is due at maturity.
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