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Loans Payable
 9 Months Ended
Sep. 30, 2025
Loans Payable [Abstract]  
Loans Payable

Note 11 – Loans Payable

 

AME-HK is party to a $35 million credit facility (the “Credit Facility”) provided by Morgan Stanley Bank Asia Limited in connection with the Company’s $40 million investment in 12-month certificates of deposit with the Bank. The credit facility includes term loans, bank overdrafts, margin loans and certain other borrowings.

 

On June 28, 2024, AME-HK borrowed 1.6 billion JPY or approximately $10.6 million (USD) (“Loan A”) under the credit facility. This 12-month term loan bears interest at a fixed rate of 0.45% per annum, payable at maturity on June 30, 2025. The loan was repaid on June 30, 2025.

 

On July 23, 2024, AME-HK borrowed an additional 677.7 million JPY or approximately $4.5 million (USD) (“Loan B”) under the credit facility. This 12-month term loan bears interest at a fixed rate of 0.45% per annum, payable at maturity on July 23, 2025. On July 1, 2025, this loan was refinanced with a new three month loan (“Loan I”) bearing interest at 1.38%, payable at maturity on October 23, 2025.

 

On January 31, 2025, AME-HK borrowed 948.2 million JPY or approximately $6.2 million (USD) (“Loan C”) under the Credit Facility. This 12-month term loan bears interest at a fixed rate of 0.92% per annum, payable at maturity on January 30, 2026. The proceeds from this loan were used on the same day to refinance an existing loan of 948.2 million JPY or approximately $6.2 million (USD) (“Loan D”) under the Credit Facility that was originally due to mature on March 17, 2025.

 

On March 11, 2025, AME-HK borrowed an additional 334.9 million JPY or approximately $2.3 million (USD) (“Loan E”) under the Credit Facility. This 12-month term loan bears interest at a fixed rate of 0.91% per annum, payable at maturity on March 11, 2026.

 

On March 28, 2025, AME-HK borrowed an additional 1.63 billion JPY or approximately $10.9 million (USD) (“Loan F”) under the Credit Facility. This 12-month term loan bears interest at a fixed rate of 0.93% per annum, payable at maturity on March 30, 2026. A portion of the proceeds from Loan F was used on the same day to refinance an existing loan of 837.5 million JPY or approximately $5.5 million (USD) (“Loan G”) under the Credit Facility that was originally due to mature on May 14, 2025.

 

On June 30, 2025, AME-HK borrowed an additional 1.60 billion JPY or approximately $11.1 million (USD) (“Loan H”) under the Credit Facility. This 3-month term loan bears interest at a fixed rate of 1.36% per annum, payable at maturity on September 30, 2025. The loan was repaid on September 30, 2025.

 

On July 21, 2025, AME-HK borrowed an additional 680.8 million JPY or approximately $4.6 million (USD) (“Loan I”) under the Credit Facility. This 3-month term loan bears interest at a fixed rate of 1.38% per annum, payable at maturity on October 23, 2025. The loan was repaid on October 23, 2025.

 

On September 30, 2025, AME-HK borrowed an additional 1.60 billion JPY or approximately $10.8 million (USD) (“Loan J”) under the Credit Facility. This 12-month term loan bears interest at a fixed rate of 1.15% per annum, payable at maturity on September 30, 2026.

The following is a roll forward of the Company’s loans payable balance during the nine months ended September 30, 2025:

 

Balance as of January 1, 2025  $25,756,757 
Additional borrowings under credit facility   45,606,555 
Repayment of borrowings   (38,058,178)
Foreign currency transaction adjustment   1,836,319 
Balance as of September 30, 2025  $35,141,453 

 

Loans payable as of September 30, 2025 consist of the following:

 

Loan Dated  Matures  Interest Rate   Balance
Outstanding as of
September 30, 2025		 
January 31, 2025 (Loan C)  January 30, 2026   0.92%  $6,412,088 
March 11, 2025 (Loan E)  March 11, 2026   0.91%   2,264,751 
March 28, 2025 (Loan F)  March 30, 2026   0.93%   11,022,823 
July 21, 2025 (Loan I)  October 23, 2025   1.38%   4,603,658 
September 30, 2025 (Loan J)  September 30, 2026   1.15%   10,838,134 
           $35,141,453 

 

The weighted average interest rate on the Company’s outstanding loans payable as of September 30, 2025 is 1.05%. Other than discussed above, the proceeds of these low interest loans were used to acquire the equity, ETF, and bond linked notes discussed in Note 3 – Short Term Investments, marketable securities discussed in Note 4 – Marketable Securities, and the loans discussed in Note 6 – Loans Receivable. Interest expense incurred on the Company’s loans payable during the three and nine months ended September 30, 2025 was $96,857 and $198,053, respectively. Interest expense incurred on the Company’s loans payable during the three and nine months ended September 30, 2024 was $23,587 and $42,409, respectively.