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v3.25.1

Loans Payable | 3 Months Ended
--- | ---
Mar. 31, 2025
Loans Payable [Abstract] |
Loans Payable | (8) Loans Payable Short-term bank loans
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Rural Credit Union of Xushui District Loan 1 |  | $ | 1,811,039 |  |  | $ | 1,808,469 |
Rural Credit Union of Xushui District Loan 2 |  |  | 2,228,971 |  |  |  | 2,225,808 |
Bank of Cangzhou Loan 1 |  |  | 306,484 |  |  |  | - |
Bank of Cangzhou Loan 2 |  |  | 69,655 |  |  |  | - |
Bank of Cangzhou Loan 3 |  |  | 208,966 |  |  |  | - |
Industrial and Commercial Bank of China (“ICBC”) Loan 1 |  |  | 2,786 |  |  |  | 2,782 |
ICBC Loan 2 |  |  | 139,311 |  |  |  | 139,113 |
ICBC Loan 3 |  |  | 139,311 |  |  |  | 139,113 |
ICBC Loan 4 |  |  | 136,524 |  |  |  | 136,331 |
Total short-term bank loans |  | $ | 5,043,047 |  |  | $ | 4,451,616 |
On December 24, 2024, the Company entered into a loan agreement with the Rural Credit Union of Xushui District, with a balance of $1,811,039 and $1,808,469 as of March 31, 2025 and December 31, 2024, respectively. The loan is secured by the equipment of Baoding Shengde as collateral for the benefit of the bank. The loan bears a fixed rate of 6% and will be due by December 23, 2025. On December 24, 2024, the Company entered into a loan agreement with the Rural Credit Union of Xushui District, with a balance of $2,228,971 and $2,225,808 as of March 31, 2025 and December 31, 2024, respectively. The loan is secured by the equipment of Baoding Shengde as collateral for the benefit of the bank and guaranteed by a third party company. The loan bears a fixed rate of 6% and will be due by December 23, 2025. On December 28, 2024, the Company entered into a working capital loan agreement with the Bank of Cangzhou, to borrow $306,484 at a fixed interest rate of 5.5% per annum. The loan is guaranteed by Mr. Zhenyong Liu. The loan will be due by December 27, 2025. On December 28, 2024, the Company entered into a working capital loan agreement with the Bank of Cangzhou, to borrow $69,655 at a fixed interest rate of 5.5% per annum. The loan is secured by the Company’s manufacturing equipment and guaranteed by Mr. Zhenyong Liu. The loan will be due by December 27, 2025. On March 10, 2025, the Company entered into a working capital loan agreement with the Bank of Cangzhou, to borrow $208,966 at a fixed interest rate of 5.5% per annum. The loan is secured by the Company’s manufacturing equipment and guaranteed by Mr. Zhenyong Liu. The loan will be due by March 9, 2026. On June 11, 2024, the Company entered into a working capital loan agreement with the ICBC, with a balance of $2,786 and $2,782 as of March 31, 2025 and December 31, 2024, respectively. The loan bears a fixed interest rate of 3.45% per annum. The loan is due for repayment by June 11, 2025. On June 21, 2024, the Company entered into a working capital loan agreement with the ICBC, with a balance of $139,311 and $139,113 as of March 31, 2025 and December 31, 2024, respectively. The loan bears a fixed interest rate of 3.45% per annum. The loan is due for repayment by June 21, 2025. On June 22, 2024, the Company entered into a working capital loan agreement with the ICBC, with a balance of $139,311 and $139,113 as of March 31, 2025 and December 31, 2024, respectively. The loan bears a fixed interest rate of 3.45% per annum. The loan is due for repayment by June 22, 2025. On June 24, 2024, the Company entered into a working capital loan agreement with the ICBC, with a balance of $136,524 and $136,331 as of as of March 31, 2025 and December 31, 2024, respectively. The loan bears a fixed interest rate of 3.45% per annum. The loan is due for repayment by June 24, 2025. As of March 31, 2025, there were guaranteed short-term borrowings of $2,814,076 and unsecured bank loans of $417,932. As of December 31, 2024, there were guaranteed short-term borrowings of $2,225,808 and unsecured bank loans of $417,339. The average short-term borrowing rates for the three months ended March 31, 2025 and 2024 were approximately 5.74% and 4.48%, respectively. Long-term loans As of March 31, 2025 and December 31, 2024, long-term loans were $4,679,447 and $4,672,806, respectively.
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Rural Credit Union of Xushui District Loan 1 |  | $ | 3,481,375 |  |  | $ | 3,476,434 |
Rural Credit Union of Xushui District Loan 2 |  |  | 1,198,072 |  |  |  | 1,196,372 |
Total |  |  | 4,679,447 |  |  |  | 4,672,806 |
Less: Current portion of long-term loans |  |  | (3,564,961 | ) |  |  | (3,559,902 | )
Long-term loans |  | $ | 1,114,486 |  |  | $ | 1,112,904 |
As of March 31, 2025, the Company’s long-term debt repayments for the next coming years were as follows:
|  | Amount |
Fiscal year |  |  |
Remainder of 2025 |  | $ | 3,564,961 |
2026 & after |  |  | 1,114,486 |
Total |  |  | 4,679,447 |
On July 15, 2013, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 5 years, which was originally due and payable in various installments from December 21, 2013 to July 26, 2018. On June 21, 2018, the loan was extended for additional 5 years and was due and payable in various installments from December 21, 2018 to June 20, 2023. On August 24, 2023, the loan was extended for another 3 years and will be due and payable on August 24, 2026. The loan is secured by certain of the Company’s manufacturing equipment with net book value of $nil as of March 31, 2025 and December 31, 2024. Interest payment is due monthly and bore a rate of 7.68% per annum. Effective from November 15, 2022, the interest rate was reduced to 7% per annum. As of March 31, 2025 and December 31, 2024, the total outstanding loan balance was $3,481,375 and $3,476,434. Out of the total outstanding loan balance, current portion amounted was $2,645,510 and $2,641,756, which is presented as current liabilities in the consolidated balance sheet and the remaining balance of $835,865 and $834,678 is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2025 and December 31, 2024, respectively. On December 5, 2023, the Company entered into a loan agreement with the Rural Credit Union of Xushui District for a term of 3 years, which was due in various installments from June 21, 2024 to December 5, 2026. The loan is guaranteed by an independent third party. Interest payment is due monthly and bears a rate of 7% per annum. As of March 31, 2025 and December 31, 2024, total outstanding loan balance was $1,198,072 and $1,196,372, respectively. Out of the total outstanding loan balance, current portion amounted $919,451 and $918,146, which is presented as current liabilities and the remaining balance of $278,621 and $278,226 is presented as non-current liabilities in the consolidated balance sheet as of March 31, 2025 and December 31, 2024, respectively. Total interest expenses for the short-term bank loans and long-term loans for the three months ended March 31, 2025 and 2024 were $132,847 and $209,586, respectively.

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