Quarterly report pursuant to Section 13 or 15(d)

Loans Payable

v3.23.1
Loans Payable
 3 Months Ended
Mar. 31, 2023
Loans Payable [Abstract]  
LOANS PAYABLE

NOTE 7 - LOANS PAYABLE

 

Loans Payable

 

The following table summarizes the activity of loans payable during the quarter ended March 31, 2023:

 

    Principal balance at December 31, 2022     Principal repaid in cash     Effect of foreign exchange rates     Principal balance at March 31, 2023  
                         
Bounce Back Loan   $ 43,129     $ (3,018 )   $ 881     $ 40,992  
First Insurance - 2022     1,060,890       (466,792 )    
-
       594,098  
Other loans payable     235,686      
-
       158       235,844  
Total loans payable   $ 1,339,705     $ (469,810 )   $ 1,039     $ 870,934  
     Less: loans payable – current portion     1,308,516                       842,202  
Loans payable – noncurrent portion   $ 31,189                     $ 28,732  

 

During the three months ended March 31, 2023, the Company paid $466,792 and $3,018 in partial satisfaction of the First Assurance Funding loan and the Bounce Back Loan Scheme, respectively.

 

Interest Expense on Loans Payable

 

For the three months ended March 31, 2023 and 2022, the Company recognized interest expense associated with loans payable of $11,556 and $7,414, respectively, and interest income — related parties associated with loans payable of $0 and $4,562, respectively.

 

As of March 31, 2023, the Company had accrued interest and accrued income — related parties associated with loans payable of $56,457 and $1,227, respectively. As of December 31, 2022, the Company had accrued interest and accrued interest — related parties associated with loans payable of $36,422 and $16,770, respectively. See Note 10 — Related Parties for additional details.