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Bank Loans and Line of Credit
 12 Months Ended
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):

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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 Loans

​

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.