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Bank Loans
 9 Months Ended
Sep. 30, 2025
Bank Loans [Abstract]  
Bank Loans

12. Bank Loans

 

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

 

          As of 
Lender  Maturities  Interest
rate		   September 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%   504,284    
-
 
Jingshan City branch of Postal Saving Bank of China  Due in January 2026   3.63%   898,581    
-
 
Jingshan City branch of Agricultural Bank of China  Due in March 2026   3.3%   1,116,730    
-
 
Hubei Jingshan Rural Commercial Bank Co. Ltd.  Due in March 2026   3.2%   688,300    
-
 
Jingmen Branch of Bank of China  Due in June 2026   3.0%   1,123,753    
-
 
Hubei Jingshan Rural Commercial Bank Co. Ltd.  Due in June 2026   4.0%   421,408    410,998 
Hubei Jingshan Rural Commercial Bank Co. Ltd.  Due in August 2027   4.58%   280,938    273,999 
Bank overdraft           12    221 
Total          $5,034,006   $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. Bin Zhou, 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 RMB3.6 million (equivalent to $505,689) 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 Mr. 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 nine months ended September 30, 2025 and 2024 was $108,137 and $46,952, respectively.