Note 5 - Long-term Loans

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Long-term Debt [Text Block]

5. Long-term loans

On

March 28, 2019,

the Company borrowed a

three

-year term loan with a principal amount of

$1,493

(

RMB10,000

) from China Construction Bank, which bears a floating interest rate benchmarking the RMB loan interest rate of financial institution in the PRC. The loan interest rate is

5.45%

as of

December 31, 2020.

The loan is guaranteed by the shareholder of the Company, Shenzhen Sangel Capital Management Limited Company (“Shenzhen Sangel”) and Mr. Mulong Liu, a shareholder of Shenzhen Sangel. The maturity date of the loan is

March 28, 2022.

On

May 3, 2020,

the Company obtained a

two

-year term loan with a principal amount of

$635

from Citibank, North America (“Citibank”) under a Paycheck Protection Program initiated by U.S. Small Business Administration. The loan bears an annual interest rate of

1%

and the maturity date is

May 3, 2022.

Under the Paycheck Protection Program, the Company is eligible to apply for forgiveness of the loan in an amount equal to the sum of certain qualified costs.

The aggregate contractual maturities of all borrowings due subsequent to

December 31, 2020

are as follows:

Maturity dates	Amounts
	$
Year ending December 31, 2021	-
Year ending December 31, 2022	2,167
Total	2,167