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SHORT-TERM AND LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
SHORT-TERM AND LONG-TERM DEBT | NOTE 3 SHORT-TERM AND LONG-TERM DEBT The short-term debt balances were as follows: SCHEDULE OF SHORT-TERM DEBT
|  | December 31, 2024 |  |  | December 31, 2023 |
Loan from Shanghai Commercial Bank at 3.1%-3.2% interest rate per annum. Due originally in January 2025 and subsequently replaced with a new loan which matures January 2026. |  | $ | 183,011 |  |  | $ | 88,032 |
Loan from HuaNam Bank at 3.4% interest rate per annum. Due in June 2025. |  |  | 91,505 |  |  |  | 97,777 |
Loan from ChangHwa Bank at 3% -3.3% interest rate per annum. Due in May 2025. |  |  | 152,509 |  |  |  | 162,962 |
Balance at end of period |  | $ | 427,025 |  |  | $ | 348,771 |
As of December 31, 2024, there was $29,013 of restricted cash pledged as security for the Shanghai Commercial Bank short term loan. The Long-term debt balances were as follows: SCHEDULE OF LONG-TERM DEBT
Loans from Shanghai Commercial Bank with interest rates 2.1% per annum due January 2029 (1) |  | $ | 498,195 |  |  | $ | - |
Current Portion of Long-term debt |  |  | (122,007 | ) |  |  | - |
Balance at end of period |  | $ | 376,188 |  |  | $ | - |
SCHEDULE OF MINIMUM PAYMENT OF LONG TERM DEBT
2025 |  | $ | 122,007 |
2026 |  |  | 122,007 |
2027 |  |  | 122,007 |
2028 |  |  | 122,007 |
Thereafter |  |  | 10,167 |
Total |  | $ | 498,195 |
| (1) | On January 24, 2024, the Company received a facility notice from Shanghai Commercial Bank, granting a revolving loan facility totaling up to TWD 10,000,000 (approximately $300,000 USD) and term loan facility amounting of TWD 20,000,000 (approximately ($600,000 USD). The term for the revolving loan is 1 year and for the term loan is 5 years. The 5 year term loan requires monthly payments including interest and principle, and the revolving loan requires a full principal repayment at the maturity date. The short-term Shanghai Commercial Bank loan is 75% securitized by the government guarantee fund called SME credit guarantee fund and 10% by saving deposit security. The guarantors of this loan are Mr. Siu and Mr. Cheung, who are both part of Iveda Taiwan’s management team.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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