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Loans and Line of Credit | 6 Months Ended
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Jun. 30, 2024
Loans and Line of Credit |
Loans and Line of Credit | Note 16. Loans and Line of Credit ​ Our bank loans and credit facilities typically have a term of 12 months or less and are included in “Short-term loans” in our condensed consolidated balance sheets. The following table represents short-term bank loans as of June 30, 2024 and December 31, 2023 (in thousands, except interest rate data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Loan | Interest | ​ | ​ | ​ | ​ | ​ | December 31, | ​ | June 30,
Subsidiary | Bank | ​ | Detail | Rate | ​ | Start Date | ​ | Due Date | ​ | 2023 | ​ | 2024
Tongmei | Bank of China (1) | $ | 1,848 | 3.5 | % | January-23 | ​ | January-24 | $ | 1,795 | $ | -
​ | ​ | ​ | 2,184 | 2.8 | % | March-23 | ​ | March-24 | ​ | 2,118 | ​ | -
​ | ​ | ​ | 376 | 2.7 | % | September-23 | ​ | September-24 | ​ | 386 | ​ | 376
​ | ​ | ​ | 876 | 3.5 | % | November-23 | ​ | November-24 | ​ | 876 | ​ | 855
​ | ​ | ​ | 1,003 | 3.5 | % | November-23 | ​ | November-24 | ​ | 1,003 | ​ | 980
​ | Bank of China (2) | ​ | 2,911 | 3.5 | % | January-23 | ​ | January-24 | ​ | 2,825 | ​ | -
​ | ​ | ​ | 2,770 | 3.0 | % | January-24 | ​ | January-25 | ​ | - | ​ | 2,755
​ | Bank of Communications (1) | ​ | 1,455 | 3.3 | % | January-23 | ​ | January-24 | ​ | 1,414 | ​ | -
​ | ​ | ​ | 1,380 | 3.8 | % | May-23 | ​ | May-24 | ​ | 1,414 | ​ | -
​ | ​ | ​ | 1,373 | 3.8 | % | July-23 | ​ | May-24 | ​ | 1,414 | ​ | -
​ | ​ | ​ | 1,376 | 3.0 | % | May-24 | ​ | May-25 | ​ | - | ​ | 1,376
​ | ​ | ​ | 2,480 | 3.0 | % | June-24 | ​ | May-25 | ​ | - | ​ | 2,480
​ | China Merchants Bank (1) | ​ | 4,367 | 3.7 | % | January-23 | ​ | January-24 | ​ | 4,235 | ​ | -
​ | ​ | ​ | 1,386 | 3.5 | % | January-24 | ​ | January-25 | ​ | - | ​ | 1,376
​ | ​ | ​ | 692 | 3.5 | % | February-24 | ​ | February-25 | ​ | - | ​ | 690
​ | ​ | ​ | 692 | 3.5 | % | April-24 | ​ | April-25 | ​ | - | ​ | 690
​ | Bank of Beijing (3) | ​ | 2,290 | 4.2 | % | January-23 | ​ | January-24 | ​ | 2,220 | ​ | -
​ | ​ | ​ | 3,541 | 3.2 | % | June-23 | ​ | May-24 | ​ | 3,626 | ​ | -
​ | ​ | ​ | 1,380 | 3.2 | % | June-23 | ​ | February-24 | ​ | 1,414 | ​ | -
​ | ​ | ​ | 1,414 | 3.0 | % | December-23 | ​ | December-24 | ​ | 1,414 | ​ | 1,376
​ | ​ | ​ | 3,600 | 3.0 | % | March-24 | ​ | February-25 | ​ | - | ​ | 3,577
​ | ​ | ​ | 1,386 | 3.0 | % | March-24 | ​ | December-24 | ​ | - | ​ | 1,376
​ | ​ | ​ | 3,580 | 3.0 | % | June-24 | ​ | June-25 | ​ | - | ​ | 3,577
​ | Industrial Bank (1) | ​ | 2,757 | 4.3 | % | June-23 | ​ | June-24 | ​ | 2,825 | ​ | -
​ | ​ | ​ | 2,744 | 4.3 | % | July-23 | ​ | July-24 | ​ | 2,825 | ​ | 2,752
​ | ​ | ​ | 2,744 | 4.3 | % | September-23 | ​ | September-24 | ​ | 2,825 | ​ | 2,752
​ | NingBo Bank (1) | ​ | 2,744 | 4.2 | % | August-23 | ​ | September-24 | ​ | 2,820 | ​ | 2,746
​ | ​ | ​ | 1,271 | 4.3 | % | November-23 | ​ | November-24 | ​ | 1,271 | ​ | 1,238
​ | ​ | ​ | 2,825 | 4.3 | % | December-23 | ​ | December-24 | ​ | 2,825 | ​ | 2,752
​ | ​ | ​ | 1,647 | 4.3 | % | January-24 | ​ | January-25 | ​ | - | ​ | 1,637
​ | ​ | ​ | 1,258 | 4.3 | % | May-24 | ​ | March-25 | ​ | - | ​ | 1,258
​ | Industrial and Commercial Bank of China (1) | ​ | 2,744 | 3.3 | % | September-23 | ​ | September-24 | ​ | 2,825 | ​ | 2,752
​ | NanJing Bank (1) | ​ | 2,752 | 3.8 | % | October-23 | ​ | October-24 | ​ | 2,752 | ​ | 2,683
​ | China Citic Bank (1) | ​ | 2,752 | 3.0 | % | June-24 | ​ | June-25 | ​ | - | ​ | 2,752
BoYu | Industrial and Commercial Bank of China (4) | ​ | 1,414 | 2.7 | % | December-23 | ​ | December-24 | ​ | 1,414 | ​ | 1,376
​ | Bank of China (1) | ​ | 1,204 | 2.4 | % | January-23 | ​ | January-24 | ​ | 849 | ​ | -
​ | NingBo Bank (1) | ​ | 1,414 | 3.3 | % | November-23 | ​ | May-24 | ​ | 1,414 | ​ | -
​ | ​ | ​ | 1,376 | 3.0 | % | May-24 | ​ | November-24 | ​ | - | ​ | 1,376
​ | Industrial Bank (1) | ​ | 688 | 3.6 | % | September-23 | ​ | September-24 | ​ | 708 | ​ | 690
​ | Bank of Communications (1) | ​ | 1,414 | 3.0 | % | November-23 | ​ | May-24 | ​ | 1,414 | ​ | -
​ | ​ | ​ | 275 | 3.0 | ​ | May-24 | ​ | May-25 | ​ | - | ​ | 275
​ | NanJing Bank (1) | ​ | 1,386 | 3.5 | % | January-24 | ​ | January-25 | ​ | - | ​ | 1,376
​ | Loan Balance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 52,921 | $ | 49,899
​ Collateral for the above bank loans and line of credit
| (1) | Not collateralized.
| (2) | ChaoYang LiMei time deposit.
| (3) | AXT time deposit.
| (4) | BoYu’s land use rights and its building located at its facility in Tianjin, China. In addition, the December 2023 loan attracts a guarantee fee amounting to 0.7% of the loan amount.
​ Long-term Loa ns ​ On January 30, 2024, the Company secured a new line of credit amounting to $9.7 million, structured as a five-year bank loan. The credit facility bears interest at a rate of 6.5% per annum on the amount drawn from the line of credit. The credit facility is collateralized by the real estate properties owned by ChaoYang Tongmei. In January 2024, the Company borrowed $5.8 million against the credit facility. The intended use of the credit facility is for construction projects. As of June 30, 2024, $5.5 million is included in “Other long-term liabilities” and $275,000 is included in “Short-term loans” in our consolidated balance sheets. ​ In December 2023, one of our consolidated subsidiaries, ChaoYang XinMei secured a loan of approximately $2.1 million from an unrelated financing company. According to the agreement, ChaoYang XinMei temporarily transferred ownership of its production line and related equipment to the financing company, while retaining the right to use the property for production. At the end of the 30-month contractual period, ChaoYang XinMei holds the option to repurchase the production line and related equipment for $14.00. As of June 30, 2024, $1.2 million associated with this financing arrangement is included in “Other long-term liabilities” and $550,000 is included in “Short-term loans” in our consolidated balance sheets. ​ As of June 30, 2024, the maturities of our long-term loan liabilities in five years (excluding short-term loans) are as follows (in thousands): ​
​ | ​ | ​
Maturity of long term loans |  | ​
2025 | $ | 894
2026 | ​ | 1,307
2027 | ​ | 963
2028 | ​ | 1,238
2029 | ​ | 2,357
​ In summary, short-term loans of $50.7 million included under “Short-term loans” in our condensed consolidated balance sheet at June 30, 2024, consisted of $49.9 million of short-term bank loans and $0.8 million of the current portion of long-term debt. Long-term loans of $6.7 million included under “Other long-term liabilities” in our condensed consolidated balance sheet at June 30, 2024 consisted of $5.5 million in a five-year bank loan and $1.2 million in a loan secured by ChaoYang XinMei.

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