CREDIT FACILITIES

12 Months Ended

Dec. 31, 2023

Credit Facilities

CREDIT FACILITIES

12. CREDIT FACILITIES

Short term loans - banks

Outstanding balances on short-term bank loans consisted of the following:

Institute			Interest			Collateral/ December 31,			December 31,
name	Maturities		rate			Guarantee	2023		2022
Xiamen Rural Commercial Bank		February 2023		6.58	%	Guarantee by 14 property rights		273,713		473,825
Total							$	273,713	$	473,825

The short term loan with Xiamen Rural bank which should be repaid in 2023 was overdue result in a penalty in the principle and interest amount to $40,906.

Interest expense pertaining to the above short-term and long-term loans for the years ended December 31, 2023, 2022 and 2021 amounted to $26,530, $33,569 and $52,452, respectively.