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LONG-TERM BORROWINGS

3 Months Ended

Mar. 31, 2021

NOTE 12 – LONG-TERM BORROWINGS

At March 31, 2021 and December 31, 2020, long-term borrowings consisted of the following:

	March 31, 2021			December 31, 2020
Loan from China Merchants Bank	$	19,042		$	19,570
Less: Current portion		(1,598	)		(1,591	)
	$	17,444		$	17,979

The loan from China Merchants Bank is for the purpose of purchasing property in Lingang, Shanghai. The loan is repayable in 120 installments with the last installment due in November 2030, with an annual interest rate of 4.65%. The loan is pledged by the property of ACM Shengwei and guaranteed by ACM Shanghai. As of March 31, 2021, the right certificate of the pledged property has not been obtained and the procedures of the formal pledge registration in the bank had not been completed.

Scheduled principal payments for the outstanding long-term loan as of March 31, 2021 are as follows:

Year ending December 31,
2021	$	1,191
2022		1,654
2023		1,733
2024		1,815
2025 and onwards		12,649
	$	19,042

For the three months ended March 31, 2021, interest related to long-term borrowings of $317 was incurred, of which $0 was charged to interest expenses and $317 was capitalized as other long-term assets.