| Bank loans |
Note 12 — Bank loans
Outstanding balance of bank
loans consisted of the following:
| | | As of December 31, | | | | | 2025 | | | 2024 | | | | | | | | | | | Loans from Bank of Communication Fixed interest rates ranging from 3.2% to 3.6%, maturity dates from January 15, 2025 to March 12, 2026 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 $2.1 million and $2.1 million as of December 31, 2025 and 2024 to secure the loans | | $ | 1,715,977 | | | $ | 2,465,990 | | | Loans from Bank of Zhuhai Rural Commercial Fixed interest rates ranging from 3.0%, maturity dates from July 24, 2025 to July 30, 2028. The Group pledged buildings with the aggregated carrying value of $1.6 million as of December 31, 2025 to secure the loans | | | 1,415,538 | | | | - | | | Loan from SPD Bank Fixed interest rates ranging from 3.5% to 4.0%, maturity on from July 16, 2024 to December 16, 2025 and guaranteed by the Group’s CEO. The Group pledged fixed asset with the aggregated carrying value of $1.6 million as of December 31, 2024 to secure the loan, the Group’s CEO pledged personal property to secure some of these loans. | | | - | | | | 1,411,094 | | | Subtotal | | | 3,131,515 | | | | 3,877,084 | | | Less: Short term bank loans | | | (1,715,977 | ) | | | (3,877,084 | ) | | Less: Long term bank loan-current portion | | | (57,771 | ) | | | - | | | Long term bank loan | | $ | 1,357,767 | | | $ | - | |
The movement bank loans are
as follows:
| | |
For the years ended December 31, | |
| | |
2025 | | |
2024 | | |
2023 | |
| | |
| | |
| | |
| |
| Beginning balance | |
$ | 3,877,084 | | |
$ | 3,943,718 | | |
$ | 2,609,755 | |
| Additions | |
| 3,046,817 | | |
| 4,210,848 | | |
| 3,954,300 | |
| Repayments | |
| (3,937,391 | ) | |
| (4,169,157 | ) | |
| (2,542,050 | ) |
| Foreign currency translation adjustments | |
| 145,005 | | |
| (108,325 | ) | |
| (78,287 | ) |
| Ending balance | |
$ | 3,131,515 | | |
$ | 3,877,084 | | |
$ | 3,943,718 | |
For the years ended December 31, 2025, 2024 and
2023, interest expense for above bank loans were $125,910, $149,060 and $144,080, respectively, with the weighted average interest rate
of 3.1%, 3.9% and 4.1%, respectively.
The repayment schedule for the bank loans is as follows:
| Twelve months ending December 31, | |
Repayment | |
| 2026 | |
$ | 1,773,748 | |
| 2027 | |
| 57,771 | |
| 2028 | |
| 1,299,996 | |
| Total | |
$ | 3,131,515 | |
|