| | | As of
June 30,
2026 | | | As of
December 31, 2025 | | | Commercial acceptance notes payable guaranteed by China Postal Savings Bank Fuzhou Branch | | $ | 5,139 | | | $ | 6,403 | | | Letters of Credit issued by Industrial Bank Fuzhou Branch (a) | | | 2,936 | | | | 2,845 | | | Total | | $ | 8,075 | | | $ | 9,248 | | | (a) | On September 16, 2025, Industrial Bank Fuzhou Branch issued letter of credits approximately $2.9 million (RMB20.0 million) to the Company with due date of September 16, 2026. The letter of credit was drawn down from Industrial Bank Fuzhou Branch’s credit line. | The movement of notes payable is as follows: | | | For the Six Months Ended
June 30, | | | | | 2026 | | | 2025 | | | Beginning balance | | $ | 9,248 | | | $ | 14,907 | | | Additions | | | 2,901 | | | | 4,190 | | | Repayments | | | (4,352 | ) | | | (6,974 | ) | | Exchange rate effect | | | 278 | | | | 53 | | | Total | | $ | 8,075 | | | $ | 12,176 | |
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