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Short-Term Borrowings | 6 Months Ended
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Jun. 30, 2024
Short-Term Borrowings [Abstract] |
Short-term borrowings | 12. Short-term borrowings
Type of borrowings |  | June 30, 2024 |  |  | Interest rate range |
Bank collateralized borrowings |  | $ | 13,104,502 |  |  | 2.74%~2.805% |
Loan from shareholders |  |  | - |  |  | Note |
|  | $ | 13,104,502 |  |  |  |
Type of borrowings |  | December 31, 2023 |  |  | Interest rate range |
Bank collateralized borrowings |  | $ | 13,449,110 |  |  | 2.61%-2.7% |
Loan from shareholders |  |  | 3,000,000 |  |  | Note |
|  | $ | 16,449,110 |  |  |  |
Note: | In 2021, the Group entered into shareholder loan agreements in the amount of $5,000,000 with Koh Sih-Ping, Asteria Corporation, and Berwick Resources Limited. The Company issued promissory notes with an interest rate of 7.5% per annum and maturity date of September 1, 2022 to the lenders in the same amount as loans made. In addition, Koh Sih-Ping assumed joint and several liability as guarantor of the Group under the shareholder agreement with Asteria Corporation.
In September 2022, the loan from shareholders were repaid to Koh Sih-Ping in the amount of $1,000,000 and Asteria Corporation in the amount of $3,000,000, and the maturity date of the promissory note issued to Berwick Resources Limited was extended to and repaid in January 2023. In March 2023, the Group entered into a shareholder loan agreement in the amount of $3,000,000 with Asteria Corporation. The Company issued promissory note with an interest rate of 10.375% per annum and maturity date of March 10, 2024 to the lender in the same amount as the loan made. The maturity date of the shareholder loan of $3,000,000 was extended and repaid in April 29, 2024. Refer to table below for details of short-term and long-term borrowing. Lender A refers to Shanghai Commercial & Savings Bank, Ltd.; Lender B refers to Taishin International Bank; Lender C refers to Hua Nan Commercial Bank; Lender D refers to Mega International Commercial Bank, and Taiwan SMEG stands for Small and Medium Enterprise Credit Guarantee Fund of Taiwan.
As of June 30, 2024 |
|  |  |  | Credit |  |  |  | Outstanding |  | Undrawn |  | Interest |  |  | Guarantor |  |  |
Lender |  | Facility Period |  | Facility |  | Type |  | Amount |  | Amount |  | Rate |  |  | (Note 1) |  | Collateral |
Lender A |  | 12.2023-11.2024 |  | $ | 3,952,083 |  | LC loan |  | $ | 843,204 |  |  |  | 2.81 | % |  | None |  | Time deposit $2,000,000, Land, Buildings and Structures |
|  |  |  |  |  |  | Short-Term Bank loan |  |  | 615,110 |  |  |  | 2.81 | % |  | None |  | Same as above |
|  |  |  |  |  |  | Letter of guarantee |  |  | 1,038,212 |  | 1,455,557 |  | - |  |  | None |  | Same as above |
Lender A |  | 12.2023-11.2024 |  |  | 3,690,661 |  | LC loan |  |  | - |  |  |  | 2.81 | % |  | None |  | Time deposit $2,000,000, Land, Buildings and Structures |
|  |  |  |  |  |  | Short-Term Bank loan |  |  | 2,102,139 |  |  |  | 2.81 | % |  | None |  | Same as above |
|  |  |  |  |  |  | Letter of guarantee |  |  | 1,476,546 |  | 111,976 |  | - |  |  | None |  | Same as above |
Lender A |  | 09.2020~09.2025 |  |  | 922,665 |  | Long-Term Bank loan |  |  | 307,555 |  |  |  | 2.97 | % |  | Koh Sih-Ping |  | 80% guaranteed by Taiwan SMEG |
Lender A |  | 03.2016-03.2031 |  |  | 2,921,773 |  | Long-Term Bank loan |  |  | 2,826,496 |  |  |  | 3.05 | % |  | None |  | Land, Buildings and Structures |
Lender A |  | 03.2016-03.2031 |  |  | 1,537,776 |  | Long-Term Bank loan |  |  | 1,487,630 |  |  |  | 3.05 | % |  | None |  | Land, Buildings and Structures |
Lender A |  | 03.2016-03.2026 |  |  | 307,555 |  | Long-Term Bank loan |  |  | 188,847 |  |  |  | 3.05 | % |  | None |  | None |
Lender B |  | 04.2023-04.2024 |  |  | 4,613,327 |  | Short-Term Bank loan |  |  | 1,906,842 |  | 2,706,485 |  | 2.74 | % |  | None |  | Time deposit $2,300,000 |
Lender C |  | 05.2024-05.2025 |  |  | 5,843,547 |  | Short-Term Bank loan |  |  | 5,812,791 |  |  |  | 2.79 | % |  | None |  | Time deposit $500,000, Land, Buildings and Structures |
Lender C |  |  |  |  |  |  | LG |  |  | - |  | 30,756 |  | - |  |  | None |  | Same as above |
Lender C |  | 05.2019-03.2026 |  |  | 5,535,992 |  | Long-Term Bank loan |  |  | 1,387,588 |  |  |  | 2.79 | % |  | None |  | Time deposit $500,000, Land, Buildings and Structures |
Lender C |  | 05.2024-11.2024 |  |  | 2,152,886 |  | Short-Term Bank loan |  |  | 1,824,416 |  |  |  | 2.85 | % |  | None |  | Time deposit $1,000,000 |
Lender C |  |  |  |  |  |  | Letter of guarantee |  |  | 108,542 |  | 219,927 |  | - |  |  | None |  | Same as above |
Lender C |  | 06.2023-08.2028 |  |  | 1,666,334 |  | Long-Term Bank loan |  |  | 1,212,279 |  |  |  | 2.52 | % |  | None |  | Time deposit $500,000, Land, Buildings and Structures |
As of December 31, 2023 |
Lender |  | Facility Period |  | Credit Facility |  | Type |  | Outstanding Amount |  | Undrawn Amount |  | Interest Rate |  |  | Guarantor (Note 1) |  | Collateral |
Lender A |  | 12.2023-11.2024 |  | $ | 4,190,650 |  | LC loan |  | $ | 298,762 |  |  |  | 2.68 | % |  | None |  | Time deposit $2,000,000, Land, Buildings and Structures |
|  |  |  |  |  |  | Short-Term Bank loan |  |  | 652,241 |  |  |  | 2.68 | % |  | None |  | Same as above |
|  |  |  |  |  |  | Letter of guarantee |  |  | 1,458,108 |  | 1,398,011 |  | - |  |  | None |  | Same as above |
Lender A |  | 12.2023-11.2024 |  |  | 3,913,447 |  | LC loan |  |  | 195,206 |  |  |  | 2.68 | % |  | None |  | Time deposit $2,000,000, Land, Buildings and Structures |
|  |  |  |  |  |  | Short-Term Bank loan |  |  | 2,229,034 |  |  |  | 2.68 | % |  | None |  | Same as above |
|  |  |  |  |  |  | Letter of guarantee |  |  | 1,432,379 |  | 56,828 |  | - |  |  | None |  | Same as above |
Lender A |  | 01.2022-01.2025 |  |  | 189,019 |  | Letter of guarantee |  |  | 188,823 |  |  |  | - |  |  | None |  | None |
Lender A |  | 09.2020~09.2025 |  |  | 978,362 |  | Long-Term Bank loan |  |  | 428,033 |  |  |  | 2.85 | % |  | Koh Sih-Ping |  | 80% guaranteed by Taiwan SMEG |
Lender A |  | 03.2016-03.2031 |  |  | 3,098,146 |  | Long-Term Bank loan |  |  | 3,029,959 |  |  |  | 2.92 | % |  | None |  | Land, Buildings and Structures |
Lender A |  | 03.2016-03.2031 |  |  | 1,630,603 |  | Long-Term Bank loan |  |  | 1,594,716 |  |  |  | 2.92 | % |  | None |  | Land, Buildings and Structures |
Lender A |  | 03.2016-03.2026 |  |  | 326,121 |  | Long-Term Bank loan |  |  | 256,157 |  |  |  | 2.92 | % |  | None |  | None |
Lender B |  | 04.2023-04.2024 |  |  | 4,891,809 |  | Short-Term Bank loan |  |  | 2,021,948 |  | 2,869,861 |  | 2.61 | % |  | None |  | Time deposit $2,300,000 |
Lender C |  | 05.2023-05.2024 |  |  | 6,196,291 |  | Short-Term Bank loan |  |  | 6,000,620 |  |  |  | 2.70 | % |  | None |  | Time deposit $500,000, Land, Buildings and Structures |
Lender C |  |  |  |  |  |  | LG |  |  | 41,564 |  | 154,107 |  | - |  |  | None |  | Same as above |
Lender C |  | 05.2019-03.2026 |  |  | 5,870,171 |  | Long-Term Bank loan |  |  | 1,891,735 |  |  |  | 2.39 | % |  | None |  | Time deposit $500,000, Land, Buildings and Structures |
Lender C |  | 12.2023-06.2024 |  |  | 2,282,844 |  | Short-Term Bank loan |  |  | 2,051,299 |  |  |  | 2.65 | % |  | None |  | Time deposit $1,000,000 |
Lender C |  |  |  |  |  |  | Letter of guarantee |  |  | 185,019 |  |  |  | - |  |  | None |  | Same as above |
Lender C |  | 06.2023-08.2028 |  |  | 1,766,921 |  | Long-Term Bank loan |  |  | 1,439,712 |  |  |  | 2.40 | % |  | None |  | Time deposit $500,000, Land, Buildings and Structures |
| Note 1: | Koh Sih-Ping retired as the Director and CEO of the Company on September 9, 2022. After his departure from the Company, Koh Sih-Ping is still the guarantor for several outstanding loans.

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