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Bank Borrowings

12 Months Ended

Dec. 31, 2023

9.	BANK BORROWINGS

Current

Short-term loans as of December 31, 202

and 202

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

and 202

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