Note 11 - Notes Payable and Long-term Debt

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 11.  Notes Payable and Long-Term Debt

Notes payable and long-term debt consisted of the following for the periods indicated (in thousands):

	June 30, 2025			December 31, 2024
Revolving line of credit with a China bank up to $24.3 million with interest between 4.00% and 4.35%, maturing May 24, 2029	$	-		$	13,466
Credit facility with a China bank up to $28.5 million with interest between 3.10% and 4.35%, maturing June 6, 2027		8,661			13,216
Revolving line of credit with a China bank up to $22.7 million with interest at 3.1%, maturing May 24, 2029		13,522			-
Total		22,183			26,682
Less current portion		(22,183	)		(26,682	)
Non-current portion	$	-		$	-

Bank Acceptance Notes Payable	June 30, 2025		December 31, 2024
Bank acceptance notes issued to vendors with zero handling fees	$	9,934	$	19,259

The loans are all within one year of the balance sheet date of June 30, 2025.

On May 24, 2019, Global entered into a five-year revolving credit line agreement, totaling 180,000,000 RMB (the "SPD Credit Line"), or approximately $25.4 million at that time, and a mortgage security agreement (the "Security Agreement"), with Shanghai Pudong Development Bank Co., Ltd ("SPD"). Borrowing under the SPD Credit Line will be used for general corporate and capital investment purposes, including the issuance of bank acceptance notes to Global’s vendors. Global may draw upon the SPD Credit Line on an as-needed basis at any time during the 5-year term; however, draws under the SPD Credit Line may become due and repayable to SPD at SPD’s discretion due to changes in Chinese government regulations and/or changes in Global’s financial and operational condition. Each draw will bear interest equal to SPD’s commercial banking interest rate effective on the day of the applicable draw. Global’s obligations under the SPD Credit Line will be secured by real property owned by Global and mortgaged to the Bank under the terms of the Security Agreement.

On May 24, 2024, Global renewed the SPD Credit Line for a five-year revolving credit line, totaling 170,000,000 RMB (the “Renewed SPD Credit Line”) or approximately $23.9 million at that time, and Global also entered into a mortgage contract security agreement, with SPD. Global may draw upon the Renewed SPD Credit Line on an as-needed basis between May 24, 2024 and May 24, 2029. On June 18, 2025, Global used the CCB Credit Facility, as described hereinbelow, to repay certain amounts outstanding under the Renewed SPD Credit Line. Upon repayment, Global terminated the Renewed SPD Credit Line effective June 18, 2025. As of June 30, 2025, $0 was outstanding under the Renewed SPD Credit and the outstanding balance of bank acceptance notes issued to vendors was $5.3 million. 

On June 7, 2022, Global entered into a security agreement with China Zheshang Bank in Ningbo City, China ("CZB") for a five-year credit line agreement, totaling 200,000,000 RMB (the "¥200M Credit Facility"), or approximately $29.9 million at that time. Global may draw upon the ¥200M Credit Facility between June 7, 2022 and June 6, 2027 (the "¥200M Credit Period"). During the ¥200M Credit Period, Global may request to draw upon the ¥200M Credit Facility on an as-needed basis; however, draws under the ¥200M Credit Facility may become due and repayable to CZB at CZB’s discretion due to changes in Chinese government regulations and/or changes in Global’s financial and operational condition. Each draw will be facilitated by a separate credit agreement specifying the terms of each draw and will bear interest equal to CZB's commercial banking interest rate effective on the day of the applicable draw. Global’s obligations under the ¥200M Credit Facility will be secured by real property owned by Global and mortgaged to CZB under the terms of the Real Estate Security Agreement. On December 21, 2023, Global entered into an asset pool business cooperation agreement ("Asset Pool Agreement") and an asset pool pledge contract (the "Pledge Contract") (referred to collectively as the Pledge Asset Line"), with CZB, which supplements the existing ¥200M Credit Facility. The Pledge Asset Line does not constitute a new credit line or an increase to the existing credit limits. Global may draw upon the Pledge Asset Line between December 21, 2023 and December 21, 2025 (the "Asset Pool Period"). During the Asset Pool Period, Global may request to draw upon the Pledge Asset Line on an as-needed bases; however, amount of available credit under the Pledge Asset Line and approval of each draw may be reduced or declined by CZB due to changes in Chinese government regulations and/or changes in Global's financial and operational condition. Each draw will be facilitated by a separate credit agreement specifying the terms of each draw and will bear interest equal to CZB's commercial banking interest rate effective on the day of the applicable draw. Global's obligations under the Pledge Asset Line will be secured by certain financial assets, including but not limited to, deposit receipts, domestic accounts receivable and electronic commercial paper. As of June 30, 2025, $8.7 million was outstanding under the ¥200M Credit Facility, and the outstanding balance of bank acceptance notes issued to vendors was $24.0 million.

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On June 12, 2025, Global entered into a one-year credit facility with China Construction Bank Co., Ltd., in Ningbo, City, China ("CCB"), totaling 96,800,000 RMB (the "CCB Credit Facility"), or approximately $13.5 million at that time. Borrowing under the CCB Credit Facility will be used to repay the certain amounts outstanding under the Renewed SPD Credit Line. Borrowing under the CCB Credit Facility will mature on June 16, 2026, and will bear interest equal to the CCB's published twelve (12) month prime loan rate, minus 0.05%. As of the date of execution of the CCB Credit Facility, the CCB's published 12-month prime rate was 3%. Under the CCB Credit Facility, Global will make monthly payments of accrued interest and the principal shall be repaid upon maturity.

On June 26, 2025, Global entered into a five-year revolving credit line agreement with CCB, totaling 162,260,000 RMB (the "CCB Credit Line"), or approximately $22.7 million at that time, as well as a related security agreement (the "Security Agreement"). Borrowing under the CCB Credit Line will be used for general corporate and capital investment purposes. Global may draw on the CCB Credit Line at any time from June 26, 2025 through June 26, 2030. The amount available under the CCB Credit Line is inclusive of the CCB Credit Facility previously granted by CCB on June 12, 2025. Each draw is subject to a separate application and approval by CCB and will bear interest equal to CCB's commercial banking interest rate effective on the day of the applicable draw. Global's obligation under the CCB Credit Line will be secured by certain real property owned by Global and mortgaged to CCB pursuant to the terms of the Security Agreement. As of June 30, 2025, $13.5 million was outstanding under the CCB Credit Line.

As of  June 30, 2025 and December 31, 2024, the Company had $31.2 million and $24.8 million of unused borrowing capacity, respectively.

As of  June 30, 2025 and December 31, 2024, there was $22.5 million and $8.5 million of restricted cash, investments or security deposits associated with the loan facilities, respectively.