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Note 19 - Subsequent Events
6 Months Ended
Jun. 30, 2025
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 19.  Subsequent Events

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act, which includes several significant corporate tax changes. See Note 16, "Income Taxes" for additional information. 

 

On July 18, 2025, Global entered into a one-year credit facility with Shanghai Pudong Development Bank Co., Ltd., in Ningbo City, China, totaling 82,000,000 RMB (the "¥82M SPD Credit Facility"), or approximately $11.4 million at that time. Borrowing under the ¥82M SPD Credit Facility will be used to repay the amounts outstanding under the ¥200M Credit Facility and for general corporate and capital investment purposes.

 

On July 23, 2025, Global used the ¥82M SPD Credit Facility, together with other available funds, to repay the amounts outstanding under the ¥200M Credit Facility. Upon repayment, Global terminated the ¥200M Credit Facility effective July 23, 2025. See Note 11, "Bank Acceptance Notes Payable" for additional information.

 

On July 29, 2025, Global entered into a five-year revolving credit line agreement with Shanghai Pudong Development Bank Co., Ltd., in Ningbo City, China, totaling 250,000,000 RMB (the "¥250M SPD Credit Line"), or approximately $34.9 million at that time, and a mortgage contract. Borrowing under the ¥250M SPD Credit Line will be used for general corporate and capital investment purposes. Global's obligation under the ¥250M SPD Credit Line will be secured by certain real property owned by Global.
 

On July 30, 2025, the Company retired the final $3,500,000 principal and accrued and unpaid interest on the 2026 Notes by exchanging such outstanding principal for 239,404 shares of the Company's common stock and by paying the accrued and outstanding interest in cash.

 

On July 31, 2025, the Company entered into a Loan and Security Agreement with BOKF, NA dba BOK Financial (the "BOKF Credit Line"). The BOKF Credit Line provides the Company with a three-year, $35 million revolving line of credit. Borrowing under the BOKF Credit Line will be used for general working capital purposes and business operations. The Company's obligations under the BOKF Credit Line will be secured by substantially all of the Company's assets excluding assets of the Company's subsidiaries.