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Bank Loans and Line of Credit | 12 Months Ended
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Dec. 31, 2024
Bank Loans and Line of Credit |
Bank Loans and Line of Credit | Note 8. Bank 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 loan” in our consolidated balance sheets. The following table represents short-term bank loans as of December 31, 2024 and 2023 (in thousands, except interest rate data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Loan | Interest | ​ | ​ | ​ | ​ | ​ | December 31, | ​ | December 31,
Subsidiary | Bank | ​ | Detail | Rate | ​ | Start Date | ​ | Due Date | ​ | 2024 | ​ | 2023
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
​ | ​ | ​ | 876 | 3.5 | % | November-23 | ​ | November-24 | ​ | - | ​ | 876
​ | ​ | ​ | 1,003 | 3.5 | % | November-23 | ​ | November-24 | ​ | - | ​ | 1,003
​ | Bank of China (2) | ​ | 2,911 | 3.5 | % | January-23 | ​ | January-24 | ​ | - | ​ | 2,825
​ | Bank of China (5) | ​ | 1,426 | 2.4 | % | September-24 | ​ | September-25 | ​ | 1,370 | ​ | -
​ | ​ | ​ | 1,370 | 2.4 | % | November-24 | ​ | November-25 | ​ | 1,370 | ​ | -
​ | ​ | ​ | 685 | 2.7 | % | November-24 | ​ | November-25 | ​ | 685 | ​ | -
​ | 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 | ​ | 1,370 | ​ | -
​ | ​ | ​ | 2,480 | 3.0 | % | June-24 | ​ | May-25 | ​ | 2,466 | ​ | -
​ | China Merchants Bank (1) | ​ | 4,367 | 3.7 | % | January-23 | ​ | January-24 | ​ | - | ​ | 4,235
​ | ​ | ​ | 1,386 | 3.5 | % | January-24 | ​ | January-25 | ​ | 1,370 | ​ | -
​ | ​ | ​ | 692 | 3.5 | % | February-24 | ​ | February-25 | ​ | 685 | ​ | -
​ | ​ | ​ | 692 | 3.5 | % | April-24 | ​ | April-25 | ​ | 685 | ​ | -
​ | 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
​ | ​ | ​ | 3,600 | 3.0 | % | March-24 | ​ | February-25 | ​ | 3,565 | ​ | -
​ | ​ | ​ | 3,580 | 3.0 | % | June-24 | ​ | June-25 | ​ | 3,565 | ​ | -
​ | Industrial Bank (1) | ​ | 2,757 | 4.3 | % | June-23 | ​ | June-24 | ​ | - | ​ | 2,825
​ | ​ | ​ | 2,744 | 4.3 | % | July-23 | ​ | July-24 | ​ | - | ​ | 2,825
​ | ​ | ​ | 2,744 | 4.3 | % | September-23 | ​ | September-24 | ​ | - | ​ | 2,825
​ | ​ | ​ | 2,851 | 3.9 | % | September-24 | ​ | September-25 | ​ | 2,740 | ​ | -
​ | ​ | ​ | 2,679 | 3.9 | % | October-24 | ​ | October-25 | ​ | 2,679 | ​ | -
​ | ​ | ​ | 1,440 | 3.2 | % | November-24 | ​ | November-25 | ​ | 1,440 | ​ | -
​ | NingBo Bank (1) | ​ | 2,744 | 4.2 | % | August-23 | ​ | September-24 | ​ | - | ​ | 2,820
​ | ​ | ​ | 1,271 | 4.3 | % | November-23 | ​ | November-24 | ​ | - | ​ | 1,271
​ | ​ | ​ | 2,825 | 4.3 | % | December-23 | ​ | December-24 | ​ | - | ​ | 2,825
​ | ​ | ​ | 1,647 | 4.3 | % | January-24 | ​ | January-25 | ​ | 1,630 | ​ | -
​ | ​ | ​ | 1,258 | 4.3 | % | May-24 | ​ | March-25 | ​ | 1,255 | ​ | -
​ | ​ | ​ | 1,822 | 3.9 | % | November-24 | ​ | November-25 | ​ | 1,822 | ​ | -
​ | ​ | ​ | 550 | 3.9 | % | December-24 | ​ | December-25 | ​ | 550 | ​ | -
​ | Industrial and Commercial Bank of China (1) | ​ | 2,744 | 3.3 | % | September-23 | ​ | September-24 | ​ | - | ​ | 2,825
​ | ​ | ​ | 2,851 | 3.3 | % | September-24 | ​ | September-25 | ​ | 2,740 | ​ | -
​ | NanJing Bank (1) | ​ | 2,752 | 3.8 | % | October-23 | ​ | October-24 | ​ | - | ​ | 2,752
​ | China Citic Bank (1) | ​ | 2,752 | 2.9 | % | June-24 | ​ | June-25 | ​ | 2,740 | ​ | -
​ | ​ | ​ | 2,851 | 2.9 | % | July-24 | ​ | July-25 | ​ | 2,740 | ​ | -
​ | ​ | ​ | 1,426 | 2.9 | % | September-24 | ​ | September-25 | ​ | 1,370 | ​ | -
​ | Agricultural Bank of China (1) | ​ | 1,235 | 2.6 | % | November-24 | ​ | November-25 | ​ | 1,235 | ​ | -
​ | ​ | ​ | 137 | 2.6 | % | December-24 | ​ | December-25 | ​ | 137 | ​ | -
BoYu | Industrial and Commercial Bank of China (4) | ​ | 1,414 | 2.7 | % | December-23 | ​ | December-24 | ​ | - | ​ | 1,414
​ | Industrial and Commercial Bank of China (1) | ​ | 1,426 | 2.8 | % | September-24 | ​ | September-25 | ​ | 1,370 | ​ | -
​ | Bank of China (1) | ​ | 1,204 | 2.4 | % | January-23 | ​ | January-24 | ​ | - | ​ | 849
​ | ​ | ​ | 1,145 | 2.3 | % | September-24 | ​ | September-25 | ​ | 1,096 | ​ | -
​ | ​ | ​ | 274 | 2.4 | % | December-24 | ​ | December-25 | ​ | 274 | ​ | -
​ | NingBo Bank (1) | ​ | 1,414 | 3.3 | % | November-23 | ​ | May-24 | ​ | - | ​ | 1,414
​ | Industrial Bank (1) | ​ | 688 | 3.6 | % | September-23 | ​ | September-24 | ​ | - | ​ | 708
​ | ​ | ​ | 1,370 | 2.7 | % | November-24 | ​ | November-25 | ​ | 1,370 | ​ | -
​ | Bank of Communications (1) | ​ | 1,414 | 3.0 | % | November-23 | ​ | May-24 | ​ | - | ​ | 1,414
​ | ​ | ​ | 274 | 3.0 | % | May-24 | ​ | May-25 | ​ | 274 | ​ | -
​ | NanJing Bank (1) | ​ | 1,370 | 2.8 | % | December-24 | ​ | December-25 | ​ | 1,370 | ​ | -
​ | Loan Balance | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 45,963 | $ | 52,921
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.
| (5) | Baoding Tongmei’s land use rights and its building located at its facility in Dingxing, China. In addition, the loan attracts a guarantee fee amounting to 1.0% 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 December 31, 2024, $5.2 million is included in “Other long-term liabilities” and $411,000 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 December 31, 2024, $619,000 associated with this financing arrangement is included in “Other long-term liabilities” and $890,000 is included in “Short-term loans” in our consolidated balance sheets. ​ As of December 31, 2024, the maturities of our long-term loan liabilities in five years (including current portion) are as follows (in thousands): ​
​ | ​ | ​
Maturity of long-term loans |  | ​
2025 | $ | 1,301
2026 | ​ | 1,301
2027 | ​ | 959
2028 | ​ | 1,233
2029 | ​ | 2,347
​ In summary, short-term loans of $47.3 million included under “Short-term loans” in our consolidated balance sheet at December 31, 2024, consisted of $46.0 million of short-term bank loans and $1.3 million of the current portion of long-term debt. Long-term loans of $5.8 million included under “Other long-term liabilities” in our consolidated balance sheet at December 31, 2024 consisted of $5.2 million in a five-year bank loan and $0.6 million in a loan secured by ChaoYang XinMei.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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