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Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
Broker-Dealer [Abstract]  
Schedule of borrowings

 

  

March 31,

2025

   December 31, 2024 
   US$   US$ 
         
Short-term borrowings (i)   7,551,296    7,565,887 
           
Long-term borrowings (ii)   3,677,066    3,684,171 
Less: current maturities   (3,677,066)   (3,684,171)
Non-current maturities   -    - 
           
Promissory note   8,900,000    8,900,000 
Total Borrowings   20,128,362    20,150,058 

 

(i)As of March 31, 2025, and December 31, 2024, the Company had several unsecured short-term loans from independent third parties which were repayable within one year and charged interest rates ranging from Nil to 24.0% and Nil to 24.0% per annum, respectively. As of March 31, 2025, and December 31, 2024, the weighted average interest rate of these borrowings was 13.7% and 13.7% per annum, respectively. The borrowings are denominated in Hong Kong Dollar (“HK$”) and United States Dollar (“US$”).

 

(ii)As of March 31, 2025, the Company obtained several unsecured long-term loans for two to five years. Interest rates ranged from 12.0% to 15.0% per annum, respectively. As of March 31, 2025, the weighted average interest rate of these borrowings was 12.6% per annum. The borrowings are denominated in HK$ and US$.
Schedule of long term borrowings

As of March 31, 2025, the borrowings will be due according to the following schedule:

 

   Principal amounts 
   US$ 
For the period ending March 31,     
Within one year   3,677,066 
Within two years   - 
Within three years   - 
Total   3,677,066