v3.26.1
Credit Facilities
 12 Months Ended
Dec. 31, 2025
Credit Facilities [Abstract]  
Credit facilities

Note 9 – Credit facilities

 

Short-term bank borrowings

 

Outstanding balances of Short-term bank borrowings as of December 31, 2025 and 2024 consisted of the following:

 

Bank name   Term   Interest rate   Collateral/
Guarantee		   Date of paid off   December 31,
2025		     December 31,
2024		  
Agricultural Bank of China Limited company Ningbo Beilun branch   From December, 2024 to December, 2025   Average rate of 3.10%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen   December 15, 2025   $ -     $ 684,997  
China CITIC Bank Co., LTD. Ningbo branch   From July, 2024 to July, 2025   Average rate of 3.15%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen   March 9, 2025     -       684,997  
Huishang Bank Co., LTD. Ningbo Beilun branch   From September, 2024 to March, 2025   Average rate of 3.90%   Guarantee by Mr. Zhengjun, Tao, Ms. Shasha, Chen and Zhejiang Haoxin   July 31, 2025     -       684,997  
Bank of China Limited Zhenhai branch   From December, 2024 to December, 2025   Average rate of 4.35%   Guarantee by Mr. Zhengjun, Tao, Ms. Shasha, Chen, Ningbo Haoxin and pledges of mortgages of real estate   December 15, 2025     -       438,399  
Huishang Bank Co., LTD. Ningbo Beilun branch   From March, 2025 to  March, 2026   Average rate of 3.60%   Guarantee by Mr. Zhengjun, Tao, Ms. Shasha, Chen and Zhejiang Haoxin   -     714,991       -  
Bank of China Ningbo Beilun Branch   From February, 2025 to February, 2026   Average rate of 3.10%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen   -     714,991       -  
Bank of China Limited Zhenhai branch   From January, 2025 to January, 2026   Average rate of 2.80%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen，Ningbo Haoxin,   China Pacific Property Insurance Company Limited   -     214,497       -  
China Construction Bank Ningbo Beilun Branch   From July, 2025 to July, 2026   Average rate of 2.80%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen   -     1,000,987       -  
Linshang Bank Co., Ltd. Ningbo Beilun Sub-branch   From September, 2025 to September, 2026   Average rate of 1.86%   -   -     428,994       -  
Industrial and Commercial Bank of China Limited Ningbo Beilun Branch   From June, 2025 to June, 2026   Average rate of 2.60%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen   -     714,991          
China CITIC Bank Co., LTD. Ningbo branch   From June, 2025 to June, 2026   Average rate of 3.00%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen   -     686,391          
China CITIC Bank Co., LTD. Ningbo branch   From July, 2025 to July, 2026   Average rate of 2.90%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen   -     714,990          
Agricultural Bank of China Limited Ningbo Beilun Branch   From December, 2025 to December, 2026   Average rate of 2.30%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen   -     714,990          
Linshang Bank Co., Ltd. Ningbo Beilun Sub-branch   From August, 2025 to February, 2026   Average rate of 4.20%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen   -     714,990          
Huishang Bank Co., Ltd. Ningbo Beilun Sub-branch   From July, 2025 to July, 2026   Average rate of 3.30%   Guarantee by Mr. Zhengjun, Tao, Ms. Shasha, Chen and Zhejiang Haoxin   -     714,990          
Bank of China Limited Zhenhai Branch   From December, 2025 to December, 2026   Average rate of 2.90%   Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen pledges of mortgages of real estate   -     457,594          
Total                   $ 7,793,396     $ 2,493,390  

Interest expense incurred from short-term bank borrowings were $164,847, $76,672 and $95,419 for the years ended December 31, 2025, 2024 and 2023, respectively.

 

The bank loans outstanding for the years ended December 31, 2025 and 2024 carried a weighted average interest rate of approximately 3.1% and 5.1% per annum, respectively.

 

Long-term bank borrowings

 

Outstanding balances of long-term bank borrowings as of December 31, 2025 and 2024 consisted of the following:

 

Bank name  Term  Interest
rate		  Collateral/
Guarantee		  Date of
paid off		  December 31,
2025		   December 31,
2024		 
Industrial Bank Co., Ltd. Ningbo Branch  From October, 2025 to October, 2028  Average rate of 3.46%  Guarantee by Mr. Zhengjun, Tao and Ms. Shasha, Chen 
-
   2,859,962    
      -
 
Less: current maturities               (2,860)   
-
 
Non-current maturities              $2,857,102   $
-
 

 

The maturities schedule of long-term bank borrowings is as follow:

 

   As of
December 31,
2025		   As of
December 31,
2024		 
Payments due by period        
Less than 1 year  $2,860   $
      -
 
1-2 years   2,860      
2-3 years   2,854,242    
-
 
Total  $2,859,962   $
-
 

 

Interest expense incurred from long-term bank borrowings were $17,937, $nil and $nil for the years ended December 31, 2025, 2024 and 2023, respectively.

 

Loans from other financial institutions

 

The Company sold certain revenue equipment to other financial institutions and leased such equipment back under arrangement that include options for the Company to repurchase the equipment. Due to the existence of these repurchase options, and in accordance with ASC 606-10-55-68, these transactions are accounted for as financing arrangements rather than sales. Loans from other financial institutions also include loans secured by the Company’s owned vehicles. Accordingly, amounts of $384,152 and $333,012 were recorded as “Current maturities of loans from other financial institutions” and amounts of $502,352 and $144,696 were recorded as “Long-term loans from other financial institutions” on the consolidated balance sheet as of December 31, 2025 and 2024, respectively. The total cash proceeds received from these financing transactions amounted to $938,530 and $326,188 for the year ended December 31, 2025 and 2024, respectively. Interest expense incurred on loans from other financial institutions were $87,154, $106,984 and $51,655 for the years ended December 31, 2025, 2024 and 2023, respectively.

The outstanding balances and maturities schedule of loans from other financial institutions is as follow:

 

Outstanding balances of loans from other financial institutions as of December 31, 2025 and 2024 consisted of the following:

 

Non-financial institutions name   Term   Interest rate   Collateral/
Guarantee		   Date of paid off   December 31,
2025		     December 31,
2024		  
Zhongli International Leasing Co., Ltd.   From September 2023 to September 2028   Average rate of 8.46%   Pledged by the vehicles owned by Company   December 22, 2025   $ -     $ 218,097  
Far East Hongxin Inclusive Financial Leasing (Tianjin) Co., Ltd.   From November 2023 to May 2026   Average rate of 8.84%   Guaranteed by Zhejiang Haoxin Logistics Co., Ltd., Ms. Shasha Chen and Mr. Zhengjun Tao   -     -       160,465  
Far East Hongxin Inclusive Financial Leasing (Tianjin) Co., Ltd.   From May 2024 to November 2026   Average rate of 6.08%   Pledged by the vehicles owned by Company   -     35,104       99,146  
Far East Hongxin Inclusive Financial Leasing Co., LTD   From February, 2025 to Januaryr, 2028   Average rate of 8.83%   Guaranteed by Zhejiang Haoxin, Ms. Shasha Chen and Mr. Zhengjun Tao   -     211,119       -  
Far East Hongxin Inclusive Financial Leasing Co., LTD   From December, 2025 to November, 2028   Average rate of 8.54%   Guaranteed by Zhejiang Haoxin, Ms. Shasha Chen and Mr. Zhengjun Tao   -     415,918       -  
He Yun International financial leasing Co., LTD   From November, 2025 to October, 2028   Average rate of 6.78%   pledge by vehicle owned by company   -     224,364       -  
Total                   $ 886,505     $ 477,708  

The maturities schedule of loans from other financial institutions is as follow:

 

   As of
December 31,
2025		   As of
December 31,
2024		 
Payments due by period        
Less than 1 year  $387,423   $333,012 
1-2 years   314,613    136,968 
2-3 years   184,469    4,212 
3-4 years   
-
    3,516 
4-5 years   
-
    
-
 
Total  $886,505   $477,708