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SHORT-TERM LOANS | 12 Months Ended
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Dec. 31, 2023
SHORT-TERM LOANS |
SHORT-TERM LOANS | NOTE 8 – SHORT-TERM LOANS ​ On May 13, 2021, Mingda Tianjin entered into a small business line of credit agreement (the “LOC”) for a maximum amount of $144,955 (RMB1,000,000 translated at the December 31, 2022 exchange rate) credit line from China Construction Bank (“CCB”) with an interest rate of 4.2525% from May 13, 2021 to May 13, 2022. The LOC was used for short-term liquidity needs only. In May 2022, CCB agreed to extend LOC from May 13, 2022 to August 13, 2022 with an interest rate of 4.20% per annum. In August 2022, CCB agreed to extend LOC further from August 13, 2022 to November 13, 2022 with an interest rate of 3.95% per annum. On February 14, 2022, Mingda Tianjin borrowed $144,955 (RMB1,000,000 translated at the December 31, 2022 exchange rate) from CCB. The loan was repaid in full on March 1, 2023. From March 18, 2022 to June 20, 2022, Mingda Tianjin borrowed total of $227,724 (RMB1,571,000 translated at the December 31, 2022 exchange rate) from an unrelated individual for working capital. This individual loan was due by September 30, 2022 and extended to December 31, 2022. The loan bears interest at 4.2525% per annum and was to be paid by the maturity date. The loan was repaid in full on March 8, 2023. On June 14, 2023, Mingda Tianjin borrowed $2,113 (RMB15,000) and repaid in full on June 19, 2023. On July 24, 2023 and August 29, 2023, Mingda Tianjin borrowed $563 and $183 (RMB4,000 and RMB1,300), respectively, and repaid in full on September 4, 2023.

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