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Bank Loans
 6 Months Ended
Jun. 30, 2025
Bank Loans [Abstract]  
Bank Loans

13. Bank Loans

 

The outstanding balances on short-term and long-term bank loans consisted of the following:

 

              As of  
Lender   Maturities   Interest rate     June 30,
2025		     December 31,
2024		  
              Unaudited        
Jingshan City branch of Postal Saving Bank of China   Due in January 2025     3.85 %   $          -     $ 1,367,283  
Jingshan City branch of Postal Saving Bank of China   Due in December 2025     4.5 %     501,145       -  
Jingshan City branch of Postal Saving Bank of China   Due in January 2026     3.63 %     892,987       -  
Jingshan City branch of Agricultural Bank of China   Due in March 2026     3.3 %     1,109,777       -  
Hubei Jingshan Rural Commercial Bank Co. Ltd.   Due in March 2026     3.2 %     684,014       -  
Jingmen Branch of Bank of China   Due in June 2026     1 %     1,116,757       -  
Hubei Jingshan Rural Commercial Bank Co. Ltd.   Due in June 2026     4.0 %     418,784       410,998  
Hubei Jingshan Rural Commercial Bank Co. Ltd.   Due in August 2027     4.58 %     279,189       273,999  
Bank overdraft                 586       221  
Total               $ 5,003,239     $ 2,052,501  

 

The loan from the Jingshan City branch of Postal Savings Bank of China was obtained to support general working capital, with a comprehensive guarantee provided by Mr. Zhou Bin, the Company’s CEO, and Hubei Bryce Technology Co., Ltd., which is under the company’s control.

 

The loan from the Jingshan City branch of Agricultural Bank of China was obtained to support general working capital, with a comprehensive guarantee provided by an unrelated third party, Jingshan Chengxin Financing Guarantee Co., Ltd.

 

The loan from the Hubei Jingshan Rural Commercial Bank Co. Ltd. was obtained to support general working capital, with certain buildings and land use rights of Hubei Ruishengchang Industrial Co., Ltd. in the amount of $496,093 pledged as collateral, as well as comprehensive guarantee provided by Mr. Bin Zhou, Mr. Bin Zhang, senior management of the Company, Mr. Ge Wei, a third-party individual, Hubei Bryce Technology Co., Ltd. and Hubei Ruishengchang Industrial Co., Ltd., which is under control of Ms. Ge Wei.

 

The loan from Jingmen Branch of Bank of China was obtained to support general working capital, with no guarantee requirement for this loan.

 

Interest expense for the six months ended June 30, 2025 and 2024 was $59,676 and $26,432, respectively.