XML 48 R17.htm IDEA: XBRL DOCUMENT
v3.26.1

LONG-TERM BORROWINGS | 3 Months Ended
--- | ---
Mar. 31, 2026
LONG-TERM BORROWINGS |
LONG-TERM BORROWINGS | NOTE 11 — LONG-TERM BORROWINGS Long-term borrowings consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | March 31, | ​ ​ ​ | December 31,
​ | ​ | 2026 | ​ | 2025
Small Business Administration(1) | ​ | $ | 452,817 | ​ | $ | 456,063
Thread Capital Inc.(2) | ​ | ​ | 146,396 | ​ | ​ | 152,492
Total long-term borrowings | ​ | $ | 599,213 | ​ | $ | 608,555
​ | ​ | ​ | ​ | ​ | ​ | ​
Current portion of long-term borrowings | ​ | $ | 36,814 | ​ | $ | 35,902
​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current portion of long-term borrowings | ​ | $ | 562,399 | ​ | $ | 572,653
​
(1) | On May 24, 2020, the Company entered into a loan agreement with the U.S. Small Business Administration (the “SBA”), an agency of the U.S. Government, to borrow $150,000 for 30 years, with a maturity date of May 23, 2050. Under the terms of the SBA loan, the loan proceeds are used as working capital to alleviate economic injury caused by the COVID-19 pandemic. The loan bears a fixed interest rate of 3.75% per annum. Beginning 12 months from the date of this loan agreement, the Company is required to make a monthly installment payment of $731 within the term of loan, with the last installment to be paid in May 2050. On March 16, 2022, the Company entered into an amended agreement with SBA to borrow an additional $350,000 for 30 years as working capital to alleviate economic injury caused by the COVID-19 pandemic. In the aggregate, the Company’s borrowings amounted to $500,000 with a maturity date of May 23, 2050. The amended loan bears a fixed interest rate of 3.75% per annum. Beginning from March 2022, 24 months from the date of the original loan agreement, the Company is required to make a new monthly installment payment of $2,485 within the remaining term of loan, with the last installment to be paid in May 2050.
The future maturities of the SBA loan as of March 31, 2026 were as follows: ​
​ | ​ | ​ | ​
Fiscal Years | ​ ​ ​ | Future repayment
2026 | ​ | ​ | 8,648
2027 | ​ | ​ | 11,942
2028 | ​ | ​ | 12,430
2029 | ​ | ​ | 12,937
Thereafter | ​ | ​ | 406,860
Total | ​ | $ | 452,817
​
(2) | On May 15, 2020, the Company entered into a loan agreement with Thread Capital Inc. (“Thread Capital”) to borrow $50,000 as working capital with a maturity date of November 1, 2024. The loan bore a fixed interest rate of 5.50% per annum. This loan agreement was subsequently terminated on May 17, 2021, at which time the Company entered into a new loan agreement with Thread Capital to borrow an additional $171,300 as working capital. In the aggregate, the Company’s borrowings from Thread Capital amounted to $221,300 with a maturity date of May 1, 2031. Interest is payable at a fixed annual interest rate of 0.25% between September 1, 2021 and November 30, 2022. Beginning from December 1, 2022, the loan bears a fixed annual interest rate of 5.5%, and the Company is required to make a monthly installment payment of $2,721 within the remaining term of loan, with the last installment to be paid in May 2031.
The future maturities of the loan from Thread Capital as of March 31, 2026 were as follows: ​
​ | ​ | ​ | ​
Fiscal Years | ​ ​ ​ | Future repayment
2026 |  | ​ | 18,788
2027 |  | ​ | 26,285
2028 |  | ​ | 27,768
2029 |  | ​ | 29,334
Thereafter |  | ​ | 44,221
Total | ​ | $ | 146,396
​ For the above-mentioned long-term borrowings, the Company recorded interest expenses of $6,278 and $9,279 for the three months ended March 31, 2026 and 2025, respectively.

X
- References No definition available. + Details
Name: | us-gaap_LongTermDebtAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration