XML 59 R51.htm IDEA: XBRL DOCUMENT v3.24.3
Short-Term Borrowings (Tables)
 6 Months Ended
Jun. 30, 2024
Short-Term Borrowings [Abstract]  
Schedule of 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.
Schedule of Short Term and Long Term Borrowing Refer to table below for details of short-term and long-term borrowing.
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.