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Bank Borrowings | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Bank Borrowings |
| 9. | BANK BORROWINGS
Current Short-term loans as of June 3 0 , 2024 and December 31, 2023 represents bank borrowings of $ 4,069,147 and $4,832,479, 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 six months ended June 3 0 , 2024 and 2023 was approximately 4.70 % and 5.37 %, respectively.
Bank |  | Loan period |  |  | Interest rate |  |  | Balance at June 3 0 , 2024 |  |  | Balance at December 31, 2023 |
Industrial and Commercial Bank of China |  | October 24, 2022 - July 17, 2024 |  |  |  | 4.35 | % |  | $ | 1,403,154 |  |  | $ | 1,411,891 |
Industrial and Commercial Bank of China |  | October 26, 2022 - August 17, 2024 |  |  |  | 4.35 | % |  |  | 1,403,154 |  |  |  | 1,411,891 |
Bank of Communications |  | January 28, 2022 - January 26, 2025 |  |  |  | 4.35 | % |  |  | - |  |  |  | 488,514 |
Bank of Communications |  | January 28, 2022 - January 26, 2025 |  |  |  | 4.35 | % |  |  | - |  |  |  | 249,481 |
Jiangnan Rural Commercial Bank |  | May 9, 2022 - February 28, 2025 |  |  |  | 4.79 | % |  |  | 378,852 |  |  |  | 381,211 |
Jiangnan Rural Commercial Bank |  | March 24, 2022 - February 28, 2025 |  |  |  | 4.79 | % |  |  | 883,987 |  |  |  | 889,491 |
Bank of America |  | April 28, 2022 - April 30, 202 5 |  |  |  | Prime rate +0.1 | % |  |  | 402,280 |  |  |  | 857,242 |
Total |  |  |  |  |  |  |  |  |  | $ | 4,471,427 |  |  | $ | 5,689,721 |
The loan from Bank of America is secured by the Company’s inventory. Non-current
Bank |  | Loan period |  |  | Interest rate |  |  | Balance at June 30, 2024 |  |  | Balance at December 31, 2023 |
EIDL Loan |  | From June 26, 2020 to June 25, 2050 |  |  | 3.75% |  |  | 120,519 |  |  | 124,905 |
Total |  |  |  |  |  |  |  |  |  | $ | 120,519 |  |  | $ | 124,905 |

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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