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Subsequent Event
9 Months Ended
Sep. 30, 2024
Subsequent Event  
Subsequent Event

Note 20. Subsequent Event

In October and November 2024, the Company secured a total of $5.7 million in new one-year bank loans with interest rates ranging from 2.4% to 3.9%. Of the $5.7 million, $3.6 million is unsecured, while the remaining $2.1 million is collateralized by Baoding Tongmei’s real estate. In October and November 2024, the Company repaid $6.1 million of existing loans. The loan repayments also led to a reduction in restricted cash by $1.4 million.