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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events  
Subsequent Events

Note 19. Subsequent Events

In January 2023, our consolidated subsidiary, ChaoYang ShuoMei received $0.5 million funding from ChaoYang JinMei and $0.2 million funding from one of the minority investors. As a result, noncontrolling interests increased $0.2 million and redeemable noncontrolling interests increased $36,000. ChaoYang JinMei’s ownership of ChaoYang ShuoMei remained at 75% after these equity investments.

In January 2023, Tongmei made an additional investment of $0.9 million to our equity investment entity, ChaoYang KaiMei. Concurrently, the majority shareholder made a payment of $1.1 million to ChaoYang KaiMei. Tongmei's ownership of ChaoYang KaiMei remained at 40% after these equity investments.

In January 2023, we obtained $15.7 million in new one-year bank loans with interest rates ranging from 2.35% to 4.50%. A portion of the new bank loans, $5.3 million, are collateralized by time deposits. The remaining balance of $10.4 million new loans are unsecured. We also repaid $10.8 million of existing loans in Q1 2023.