XML 66 R25.htm IDEA: XBRL DOCUMENT v3.25.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events
18.Subsequent Events

 

The Company has evaluated the impact of events that have occurred subsequent to December 31, 2024, through the date the consolidated financial statements were available to be issued, and concluded that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements, except as follow:

 

Bank borrowing

 

As the date these consolidated financial statements were available to be issued, the Company has new bank borrowings in the amount of $7,534,969 (RMB55 million) with interest rates ranging from 2.40%-2.65% and has bank loan repayment of $5,068,979 (RMB 37 million).

 

New bank borrowing

 

Subsequent new bank borrowings consisted of the following:

 

Lender  Company  Rate   Issuance
Date		  Collateral/
Security		  Amount-RMB   Amount-
US$		 
Jiangsu Yangzhou Rural Commercial Bank  Huadong   2.46%  1/14/2025  Yada, Yongjun Liu   10,000,000    1,369,994 
Zheshang Bank of China  Huada   2.50%  1/23/2025  Yongjun Liu, Yin Liu   5,000,000    684,997 
Bank of Communications  Huada   2.60%  3/20/2025  Yongjun Liu, Yin Liu   8,000,000    1,095,996 
Bank of Communications  Huadong   2.65%  1/14/2025  N/A   9,000,000    1,232,995 
Bank of Communications  Huadong   2.65%  3/26/2025  N/A   9,000,000    1,232,995 
Bank of China  Huadong   2.40%  3/5/2025  Yongjun Liu, Yin Liu   5,000,000    684,997 
Agricultural Bank of China  Huadong   2.40%  1/10/2024  Yongjun Liu, Yin Liu   9,000,000    1,232,995 
Total                 55,000,000    7,534,969 

 

Repayment

 

Subsequent repayments on bank borrowings consisted of the following:

 

Lender  Company  Rate   Repayment
Date		  Collateral/Security  Amount-RMB   Amount-
US$		 
Jiangsu Yangzhou Rural Commercial Bank  Huadong   3.30%  1/14/2025  Yada, Yongjun Liu   5,000,000    684,997 
Bank of Communications  Huadong   2.55%  1/14/2025  N/A   9,000,000    1,232,995 
Bank of Communications  Huadong   2.65%  3/26/2025  N/A   9,000,000    1,232,995 
Bank of China  Huadong   2.40%  3/3/2025  Yongjun Liu, Yin Liu   5,000,000    684,997 
Industrial and Commercial Bank of China  Yada   3.45%  2/21/2025  Properties of Yada   9,000,000    1,232,995 
Total                 37,000,000    5,068,979