| LONG-TERM LOANS |
NOTE 13 — LONG-TERM LOANS As of September 30, 2025 and December 31, 2024, the Company’s long-term loans from banks and other financial institution consist of the following:
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Indebtedness |
|
Weighted
Average
Interest
Rate* |
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|
Weighted
Average
Years to
Maturity* |
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September 30,
2025 |
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|
December 31,
2024 |
|
Guaranteed loans |
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|
Fixed rate loan |
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|
0.00 |
% |
|
|
0.01 |
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|
$ |
70,240 |
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|
$ |
90,274 |
|
Variable rate loans |
|
|
0.39 |
% |
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|
0.70 |
|
|
|
6,826,192 |
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|
|
6,473,490 |
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Subtotal |
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0.39 |
% |
|
|
0.71 |
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|
|
6,896,432 |
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|
|
6,563,764 |
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Unsecured loan |
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Fixed rate loan |
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— |
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— |
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— |
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|
35,742 |
|
Variable rate loans |
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|
0.54 |
% |
|
|
3.21 |
|
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|
14,226,362 |
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|
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— |
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Subtotal |
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|
0.54 |
% |
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|
3.21 |
|
|
|
14,226,362 |
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|
|
35,742 |
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Total long-term loans |
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|
0.93 |
% |
|
|
3.92 |
|
|
|
21,122,794 |
|
|
|
6,599,506 |
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|
|
|
|
|
|
|
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Less: current portion |
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|
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(3,044,470 |
) |
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(96,824 |
) |
Non-current portion |
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|
$ |
18,078,324 |
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|
$ |
6,502,682 |
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* Pertained to information for loans outstanding as of September 30, 2025. The Company borrowed loans from various banks and a financial institution for working capital purposes. Interest expense was $44,851 and $5,466 for the three months ended September 30, 2025 and 2024, respectively, and $95,486 and $15,898 for the nine months ended September 30, 2025 and 2024, respectively. The guarantee information of the Company’s outstanding loans as of September 30, 2025 and December 31, 2024 consists of the following:
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September 30,
2025 |
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December 31,
2024 |
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Co-guaranteed by CEO of subsidiaries within the Company’s organizational structure and Tokyo Credit Guarantee Association |
|
$ |
143,189 |
|
|
$ |
185,766 |
|
Guaranteed by a subsidiary within the Company’s organizational structure |
|
$ |
6,753,243 |
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$ |
6,377,998 |
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As of September 30, 2025, future minimum payments for long-term loans are as follows:
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Years ending December 31, |
|
Principal
Repayment |
|
Remaining of 2025 |
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$ |
757,633 |
|
2026 |
|
|
3,041,796 |
|
2027 |
|
|
9,788,975 |
|
2028 |
|
|
2,974,209 |
|
2029 |
|
|
2,974,209 |
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Thereafter |
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|
1,585,972 |
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Total |
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$ |
21,122,794 |
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