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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events  
Subsequent Events

Note 19. Subsequent Events

In January and February 2024, the Company obtained a total of $7.9 million in new one-year bank loans with interest rates ranging from 3.0% to 4.3%. The $5.1 million of the new bank loans are unsecured, while the remaining

$2.8 million was collateralized by a ChaoYang LiMei time deposit. The Company repaid $14.5 million of existing loans In January and February 2024.

In January 2024, the Company secured a new line of credit amounting to $9.9 million, structured as a five-year bank loan. The credit facility bears an interest rate of 6.5% on the amount drawn from the line of credit. The credit facility is collateralized by the real estate properties owned by ChaoYang Tongmei. In January 2024, the Company borrowed $5.9 million against the credit facility. The primary intended use of the credit facility is for construction projects.

In January, February and March 2024, our consolidated subsidiaries, collectively, received approximately $715,000 in subsidies from the Chinese government. These funds are designated to support digital projects within enterprises and initiatives aimed at waste recycling, etc.