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Bank Loans

6 Months Ended

Jun. 30, 2024

Note 8 — Bank loans

Outstanding balance of short-term bank loans consisted of the following:

	June 30, 2024		December 31, 2023

Loans from Bank of Communication Fixed interest rates ranging from 3.90% to 4.20%, maturity dates from January 16, 2024 to April 10, 2025 and guaranteed by the representative of Zhuhai Powerbridge, the Group’s CEO and CEO’s spouse and a third party. The Group pledged buildings with the aggregated carrying value of $2.2 million and $2.3 million as of June 30, 2024 and December 31, 2023 to secure the loans	$	2,752,092	$	2,816,942
Loan from SPD Bank Fixed interest rate of 4.1%, fully repaid upon maturity on June 28, 2024 and guaranteed by the Group’s CEO. The Group pledged fixed asset with the aggregated carrying value of $1.6 million and $1.7 million as of June 30, 2024 and December 31, 2023 to secure the loan		-		1,126,776
Total	$	2,752,092	$	3,943,718

The movement bank loans are as follows:

	For the six months ended June 30,
	2024			2023
Beginning balance	$	3,943,718		$	2,609,755
Additions		2,079,002			3,319,718
Repayments		(3,187,803	)		(1,876,362	)
Foreign currency translation adjustments		(82,825	)		(191,734	)
Ending balance	$	2,752,092		$	3,861,377

For the six months ended June 30, 2024 and 2023, interest expense was $77,673 and $63,806, respectively, with the weighted average interest rate of 4.0% and 4.2%m respectively.