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BORROWINGS | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Debt Disclosure [Abstract] |  |
BORROWINGS | 10. BORROWINGS As of December 31, 2023 and June 30, 2024, the bank borrowings were for working capital and capital expenditure purposes. SCHEDULE OF BANK BORROWINGS
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | As of |
|  | December 31, 2023 |  |  | June 30, 2024 |
|  |  |  |  | (Unaudited) |
Current portion: |  |  |  |  |  |  |  |
Short-term bank borrowings |  |  |  |  |  |  |  |
Bank of Jiaxing (1) |  | $ | 2,726,197 |  |  | $ | 2,662,649 |
Short-term bank borrowings |  | $ | 2,726,197 |  |  | $ | 2,662,649 |
Long-term bank borrowings, current portion |  |  |  |  |  |  |  |
Bank of Jiaxing (1) |  |  | 596,335 |  |  |  | 925,070 |
Long-term bank borrowings, current portion |  |  | 596,335 |  |  |  | 925,070 |
Subtotal |  | $ | 3,322,532 |  |  | $ | 3,587,719 |
Non-current portion: |  |  |  |  |  |  |  |
Long-term bank borrowings |  |  |  |  |  |  |  |
Bank of Jiaxing (1)e |  | $ | 2,429,465 |  |  | $ | 2,028,822 |
Long-term bank borrowings non-current portion: |  | $ | 2,429,465 |  |  | $ | 2,028,822 |
Subtotal |  | $ | 2,429,465 |  |  | $ | 2,028,822 |
Total |  | $ | 5,751,997 |  |  | $ | 5,616,541 |
| (1) | During the six months ended June 30, 2023 and 2024, the Company continuously entered into certain bank borrowings for the purpose of obtaining financing. The bank borrowings were joint secured by Mr. Ming-Chao Huang and Ms. Shu-Hui Cai, the shareholders of the Company, and pledged by the Company’s property, plant and equipment amounting to US$4,239,550 and US$4,026,313 as of December 31, 2023 and June 30, 2024, respectively. The interest expenses were US$104,287 and US$137,496 for the six months ended June 30, 2023 and 2024, respectively. The weighted average interest rates of bank borrowings outstanding were 4.6% and 4.3% per annum as of December 31, 2023 and June 30, 2024, respectively. The maturity dates of the bank borrowings were from December 2023 to December 2027.
As of June 30, 2024 the Company’s long-term bank borrowings will be due according to the following schedule: SCHEDULE OF LONG TERM BORROWINGS
|  | Amount |
For the fiscal years ended December 31, |  | (Unaudited) |
Remainder of 2024 |  | $ | 581,058 |
2025 |  |  | 688,023 |
2026 |  |  | 894,430 |
2027 |  |  |  |
2027 and thereafter |  |  | 790,381 |
2028 and thereafter |  |  |  |
Total long-term bank borrowings |  | $ | 2,953,892 |
MKDWELL TECH INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In U.S. dollars, except share and per share data) | 11. BORROWINGS As of December 31, 2022 and 2023, the bank borrowings were for working capital and capital expenditure purposes. SCHEDULE OF BANK BORROWINGS
|  | 2022 |  |  | 2023 |
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
Current portion: |  |  |  |  |  |  |  |
Short-term bank borrowings |  |  |  |  |  |  |  |
Bank of Jiaxing (1) |  | $ | 1,348,373 |  |  | $ | 2,726,197 |
Short-term bank borrowings |  | $ | 1,348,373 |  |  | $ | 2,726,197 |
Long-term bank borrowings, current portion |  |  |  |  |  |  |  |
Bank of Jiaxing (1) |  |  | 289,973 |  |  |  | 596,335 |
Long-term bank borrowings, current portion |  |  | 289,973 |  |  |  | 596,335 |
Subtotal |  | $ | 1,638,346 |  |  | $ | 3,322,532 |
Non-current portion: |  |  |  |  |  |  |  |
Long-term bank borrowings |  |  |  |  |  |  |  |
Bank of Jiaxing (1) |  | $ | 2,282,645 |  |  | $ | 2,429,465 |
Long-term borrowings non-current portion |  | $ | 2,282,645 |  |  | $ | 2,429,465 |
Subtotal |  | $ | 2,282,645 |  |  | $ | 2,429,465 |
Total |  | $ | 3,920,991 |  |  | $ | 5,751,997 |
(1) | During the years ended December 31, 2022 and 2023, the Company continuously entered into certain bank borrowings for the purpose of obtaining financing. The bank borrowings were jointly secured by Mr. Ming-Chao Huang and Ms. Shu-Hui Cai, the shareholders of the Company, and pledged by the Company’s property, plant and equipment and real estate properties for lease. The net asset value of property, plant and equipment and real estate properties for lease pledged were US$4,522,250 and US$4,239,550 as of December 31, 2022 and 2023, respectively.
| The interest expenses were US$211,117 and US$214,627 for the years ended December 31, 2022 and 2023, respectively. The weighted average interest rates of bank borrowings outstanding were 4.4% and 4.6% per annum as of December 31, 2022 and 2023, respectively. The maturity dates of the bank borrowings were from April 2024 to December 2027.
As of December 31, 2023, the Company’s long-term bank borrowings will be due according to the following schedule: SCHEDULE OF LONG TERM BORROWINGS
For the fiscal years ended December 31, |  | Amount |
2024 |  | $ | 596,335 |
2025 |  |  | 704,444 |
2026 |  |  | 915,777 |
2027 |  |  | 809,244 |
2028 and thereafter |  |  | - |
Total long-term bank borrowings |  | $ | 3,025,800 |
MKDWELL TECH INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In U.S. dollars, except share and per share data)

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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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