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Bank Borrowings | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Bank Borrowings |
9. | BANK BORROWINGS
Current Short-term loans as of December 31, 202 3 and 202 2 represents bank borrowings of $ $4,832,479 and $5,488,757, respectively obtained from financial institutions in the PRC. The short-term bank borrowings were secured by land use right. The weighted average interest rate for the short-term loans for the years ended December 31, 202 3 and 202 2 was approximately4.48% and 5.87%, respectively.
Bank |  | Loan period |  |  | Interest rate |  |  | Balance at December 31, 202 3 |  |  | Balance at December 31, 202 2 |
Industrial and Commercial Bank of China |  |  | October 24, 2022 - July 17, 2024 |  |  |  | 4.35 | % |  | $ | 1,411,891 |  |  | $ | 1,435,833 |
Industrial and Commercial Bank of China |  |  | October 26, 2022 - August 17, 2024 |  |  |  | 4.35 | % |  |  | 1,411,891 |  |  |  | 1,435,833 |
Bank of Communications |  |  | January 28, 2022 - January 26, 2025 |  |  |  | 4.35 | % |  |  | 488,514 |  |  |  | 496,798 |
Bank of Communications |  |  | January 21, 2022 - January 17, 2025 |  |  |  | 4.35 | % |  |  | - |  |  |  | 473,825 |
Bank of Communications |  |  | January 28, 2022 - January 26, 2025 |  |  |  | 4.35 | % |  |  | 249,481 |  |  |  | 253,710 |
Changzhou Changjiang Science and Technology Petty Loan Co., LTD |  |  | January 10, 2022 - January 25, 2023 |  |  |  | 17.40 | % |  |  | - |  |  |  | 100,508 |
Jiangnan Rural Commercial Bank |  |  | May 9, 2022 - April 3, 2024 |  |  |  | 4.79 | % |  |  | 381,211 |  |  |  | 387,675 |
Jiangnan Rural Commercial Bank |  |  | March 24, 2022 - March 3, 2024 |  |  |  | 4.79 | % |  |  | 889,491 |  |  |  | 904,575 |
Bank of America |  |  | April 28, 2022 - April 30, 2024 |  |  |  | Prime rate +0.1% |  |  |  | 857,242 |  |  |  | 1,500,000 |
Total |  |  |  |  |  |  |  |  |  | $ | 5,689,721 |  |  | $ | 6,988,757 |
The loan from Bank of America is secured by the Company’s inventory. Non-current
Bank |  | Loan period |  |  | Interest rate |  |  | Balance at December 31, 202 3 |  |  | Balance at December 31, 202 2 |
EIDL Loan |  |  | From June 26, 2020 to June 25, 2050 |  |  |  | 3.75 | % |  |  | 124,905 |  |  |  | 133,677 |
Total |  |  |  |  |  |  |  |  |  | $ | 124,905 |  |  | $ | 133,677 |

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