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Bank Borrowings
 6 Months Ended
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