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Note 11 - Notes Payable and Long-term Debt
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 11.  Notes Payable and Long-Term Debt

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

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September 30, 2025

  

December 31, 2024

 

Revolving line of credit with a China bank up to $24.3 million with interest between 4.00% and 4.35%, terminated on June 18, 2025

 $-  $13,466 

Revolving line of credit with a China bank up to $35.2 million with interest at 2.6%, maturing July 29, 2030

  14,355   - 

Credit facility with a China bank up to $28.5 million with interest between 3.10% and 4.35%, terminated on July 23, 2025

  -   13,216 

Revolving line of credit with a China bank up to $22.9 million with interest at 2.95%, maturing June 26, 2030

  13,623   - 

Total

  27,978   26,682 

Less current portion

  (27,978)  (26,682)

Non-current portion

 $-  $- 

 

Bank Acceptance Notes Payable

 September 30, 2025  December 31, 2024 

Bank acceptance notes issued to vendors with zero handling fees

 $34,046  $19,260 

 

The loans are all within one year of the balance sheet date of September 30, 2025.

 

SPD Credit Line

 

On May 24, 2024, Global entered into a five-year revolving credit line with Shanghai Pudong Development Bank Co., Ltd. ("SPD"), totaling 170,000,000 RMB (the “SPD Credit Line”) or approximately $23.9 million at that time. On June 18, 2025, Global used the CCB Credit Facility, as described hereinbelow, to repay certain amounts outstanding under the SPD Credit Line. Upon repayment, Global terminated the SPD Credit Line effective June 18, 2025. 

 

On July 18, 2025, Global entered into a one-year credit facility with SPD, totaling 82,000,000 RMB (the “¥82M Credit Facility”), or approximately $11.4 million at that time. Borrowing under the ¥82M Credit Facility will be used to repay the Company’s outstanding loans with China Zheshang Bank Co., Ltd., and for general corporate and capital investment purposes. 

 

On July 29, 2025, Global entered into a five-year revolving credit line agreement with SPD in Ningbo City, China, totaling 250,000,000 RMB (the "¥250M SPD Credit Line"), or approximately $34.9 million at that time, and a mortgage contract. Borrowing under the ¥250M SPD Credit Line will be used for general corporate and capital investment purposes. Any credit previously extended by SPD will be applied against the available amount under the ¥250M SPD Credit Line, inclusive of the ¥82M Credit Facility. Global's obligation under the ¥250M SPD Credit Line will be secured by certain real property owned by Global. As of September 30, 2025, $14.4 million was outstanding under the ¥250M SPD Credit Line, and the outstanding balance of bank acceptance notes under this bank issued to vendors was $19.9 million. The unused credit as of September 30, 2025 was $6.9 million.

 

CZB Loan

 

On June 7, 2022, Global entered into a security agreement with China Zheshang Bank in Ningbo City, China ("CZB") for a five-year credit line agreement, totaling 200,000,000 RMB (the "¥200M Credit Facility"), or approximately $29.9 million at that time. On July 23, 2025, Global used the ¥82M Credit Facility, as described hereinabove, to repay certain amounts outstanding under the ¥200M Credit Facility. Upon repayment, Global terminated the ¥200M Credit Facility effective July 23, 2025.

 

As of September 30, 2025, the outstanding balance of bank acceptance notes issued to vendors was $4.3 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. As of September 30, 2025, there was $13.6 million outstanding under the CCB Credit Line, The outstanding balance of bank acceptances notes under this bank issued to vendors was $7.0 million as of September 30, 2025.The unused credit as of September 30, 2025 was $1.9 million.

 

BOKF Loan

 

On July 31, 2025, the Company entered into a Loan and Security Agreement (the “BOKF Credit Facility”) with BOKF, NA dba BOK Financial, as agent for secured parties. 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 September 30, 2025, $0 was outstanding under the BOKF Credit Facility.

 

As of  September 30, 2025 and December 31, 2024, the Company had $43.8 million and $24.8 million of unused borrowing capacity, respectively.

 

As of  September 30, 2025 and December 31, 2024, there was $9.7 million and $8.5 million of restricted cash, investments or security deposits associated with the loan facilities, respectively.