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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2023
Short-Term Borrowings [Abstract]  
SHORT-TERM BORROWINGS
8.SHORT-TERM BORROWINGS

 

As of December 31, 2022 and 2023, the bank borrowings were for working capital and capital expenditure purposes. Short-term borrowings consisted of the following:

 

   Annual Interest Rate     Maturity (Months)  Principal   As of December 31, 2022   As of December 31, 2023 
            USD   USD   USD 
Short-term borrowings:                     
Beijing Bank   4.50%    October, 2024   2,816,941    
-
    2,816,939 
China Construction Bank  (1)   3.65%    February, 2024   2,112,706    
-
    2,112,706 
Shanghai Bank (1)   4.00%    November, 2024   2,112,706    
-
    2,112,706 
Agricultura Bank of China (1)   3.45%    April, 2024   1,971,859    
-
    1,971,859 
Agricultura Bank of China (1)   3.45%    May, 2024   1,690,165    
-
    1,690,165 
Shanghai Rural Commercial Bank   3.30%    October, 2024   1,408,471    
-
    1,408,471 
Bank of Ningbo   4.30%    July, 2024   1,408,471    
-
    1,408,471 
Bank of Ningbo   4.30%    August, 2024   1,408,471    
-
    1,408,471 
Bank of Jiangsu (1)   4.50%    July, 2024   1,408,471    
-
    1,408,471 
Bank of Jiangsu (1)   4.50%    October, 2024   1,408,471    
-
    1,408,471 
Agricultura Bank of China (1)   3.35%    July, 2024   1,408,471    
-
    1,408,471 
Shanghai Bank (3)   4.65%    January, 2024   1,408,471    
-
    1,408,471 
Shanghai Bank (3)   4.65%    January, 2024   1,267,623    
-
    1,267,623 
Agricultura Bank of China (1)   3.35%    May, 2024   845,082    
-
    845,082 
Shanghai Minhang Shangying Bank   5.50%    January, 2024   704,235    
-
    704,235 
Bank of Nanjing (2)   5.50%    June, 2024   704,235    
-
    704,235 
Bank of Nanjing (2)   5.50%    July, 2024   704,235    
-
    704,235 
Agricultura Bank of China (1)   3.45%    March, 2024   704,235    
-
    704,235 
Shanghai Bank (1)   4.00%    November, 2024   704,235    
-
    704,235 
Agricultura Bank of China (1)   3.45%    March, 2024   422,541    
-
    422,541 
Shanghai Bank (3)   4.65%    January, 2024   140,847    
-
    140,847 
Agricultura Bank of China   3.45%    April, 2023   2,029,809    2,029,809    
-
 
Agricultura Bank of China   2.70%    May, 2023   1,449,864    1,449,864    
-
 
Agricultura Bank of China   3.45%    June, 2023   1,449,864    1,449,864    
-
 
Bank of Jiangsu   4.60%    October, 2023   1,449,864    1,449,864    
-
 
CHINA CITIC BANK   4.65%    August, 2023   1,448,414    1,448,414    
-
 
CHINA CITIC BANK   4.65%    September, 2023   1,448,414    1,448,414    
-
 
Shanghai Bank   5.20%    January, 2023   1,304,877    1,304,877    
-
 
Shanghai Bank   4.65%    October, 2023   1,304,877    1,304,877    
-
 
Agricultura Bank of China   4.00%    March, 2023   1,159,891    1,159,891    
-
 
Agricultura Bank of China   2.70%    May, 2023   1,159,891    1,159,891    
-
 
Shanghai Bank   4.65%    November, 2023   869,918    869,918    
-
 
Shanghai Bank   4.65%    November, 2023   724,932    724,932    
-
 
Bank of Nanjing (2)   5.50%    June, 2023   724,932    724,932    
-
 
Bank of Nanjing (2)   5.50%    July, 2023   724,932    724,932    
-
 
Bank of Ningbo   5.35%    June, 2023   724,932    724,932    
-
 
China Merchants Bank (2)   5.05%    August, 2023   704,634    664,062    
-
 
Shanghai Bank   5.20%    January, 2023   144,986    144,986    
-
 
Total                  18,784,459    26,760,940 

 

(1)These borrowings are pledged by the intellectual property owned by Shanghai Xiao-I.

 

(2)These borrowings are guaranteed by Guizhou Xiao-I.

 

(3)These borrowings are pledged by the intellectual property owned by Shanghai Xiao-I, and guaranteed by Zhizhen Zhilian Artificial Intelligence Technology (Shanghai) Co., Ltd., the subsidiary of the Group, and Shanghai Administration Center of Policy Financing Guarantee Funds for SMEs.

 

The interest expense of short-term borrowings were $625,176, $651,287 and $915,444 for the years ended December 31, 2021, 2022 and 2023, respectively. The weighted average interest rates of short-term loans outstanding were 4.73% and 4.15% per annum as of December 31, 2022 and 2023, respectively.