General form of registration statement for all companies including face-amount certificate companies

Loans Payable (Tables)

v3.24.0.1
Loans Payable (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Loans Payable [Abstract]    
Schedule of Loans Payable Activity The following table summarizes the activity of loans payable during the nine months ended September 30, 2023:
    Principal
balance at
December 31,
2022		     Principal
repaid in
cash		     Effect of
foreign
exchange
rates		     Principal
balance at
September 30,
2023		  
                         
Bounce Back Loan   $ 43,129     $ (9,155 )   $ 508     $ 34,482  
First Insurance - 2022     1,060,890       (976,020 )    
-
       84,870  
Other loans payable     235,686      
-
       63       235,749  
Total loans payable   $ 1,339,705     $ (985,175 )   $ 571     $ 355,101  
Less: loans payable – current portion     1,308,516                       332,885  
Loans payable – noncurrent portion   $ 31,189                     $ 22,216  
The following tables summarize the activity of loans payable during the years ended December 31, 2022 and 2021:
    Principal
Balance at
January 1,
2022		     Adjustments     Principal
Repaid in
Cash		     New Issuances     Effect of
Foreign
Exchange
Rates		     Principal
Balance at
December 31,
2022		  
Paycheck Protection Program   $ 41,312     $
-
     $ (41,312 )   $
-
     $
-
     $
-
  
Bounce Back Loan Scheme     61,169      
-
       (11,646 )    
-
       (6,394 )     43,129  
First Assurance – 2021     1,618,443      
(14,042
 )(1)     (1,604,401 )    
-
              
-
  
First Assurance – 2022    
-
      
-
      
-
       1,060,890      
-
       1,060,890  
Other loans payable     155,320       80,366 (2)    
 
      
-
      
-
       235,686  
Total loans payable     1,876,244     $ 66,324     $ (1,657,359 )   $ 1,060,890     $ (6,394 )     1,339,705  
Less: loans payable – current portion     1,828,079                                       1,308,516  
Loans payable – non-current portion   $ 48,165                                     $ 31,189  
(1) Note that this amount was related to finance charges and was reclassified.
(2) Note that this amount was reclassified from related party payables.
    Principal
Balance at
January 1,
2021		     Forgiveness/
Adjusted to Other Income		     Principal
Repaid in
Cash		     New Issuances     Effect of
Foreign
Exchange
Rates		     Principal
Balance at
December 31,
2021		  
Kingsbrook   $ 150,000     $
-
     $ (150,000 )   $
-
     $
-
     $
-
  
Paycheck Protection Program     53,051       (11,670 )     (69 )    
-
      
-
       41,312  
Bounce Back Loan Scheme     68,245      
-
       (4,724 )    
-
       (2,352 )     61,169  
First Assurance - 2020     655,593      
-
       (655,593 )     1,618,443      
-
       1,618,443  
Other loans payable     155,320      
-
      
-
      
-
      
-
       155,320  
Total loans payable     1,082,209     $ (11,670 )   $ (810,386 )   $ 1,618,443     $ (2,352 )     1,876,244  
Less: loans payable - current portion     968,446                                       1,828,079  
Loans payable - non-current portion   $ 113,763                                     $ 48,165  

 
Schedule of Loans Payable of Current Portion   Loans Payable, Current Portion
    Simple
Interest Rate		     December 31,
2022		     December 31,
2021		  
Loan payable issued September 18, 2019     8 %   $ 50,000     $ 50,000  
Loan payable issued September 18, 2019     8 %     50,000      
-
  
Loan payable issued October 8, 2019     0 %     4,000      
-
  
Loan payable issued October 29, 2019     8 %     69,250       69,250  
Loan payable issued December 31, 2019     0 %     5,000      
-
  
Loan payable issued February 5, 2020     8 %     3,500       3,500  
Loan payable issued February 5, 2020     8 %     3,500      
-
  
Loan payable issued March 31, 2020     8 %     4,537       4,537  
Loan payable issued March 31, 2020     8 %     4,537      
-
  
Loan payable issued June 8, 2020     8 %    
-
       5,000  
Loan payable issued June 8, 2020     0 %     5,000       5,000  
Loan payable issued June 17, 2020     8 %     485      
-
  
Loan payable issued July 15, 2020 *     8 %     4,695       4,695  
Loan payable issued July 15, 2020     8 %     5,503      
-
  
Loan payable issued October 8, 2020 *     8 %     7,798      
-
  
Loan payable issued October 13, 2020     8 %     13,337       13,337  
Loan payable issued October 14, 2020     8 %     4,544      
-
  
Current portion of PPP Loans (1)     1 %    
-
       41,312  
Current portion of Bounce Back Loans (1) (2)     1 %     11,940       13,005  
First Assurance Funding payable issued December 10, 2021(2)     2 %     1,060,890       1,618,443  
            $ 1,308,516     $ 1,828,079  
* These loans are denominated in currencies other than USD.
(1) See Loans Payable, Non-Current Portion for a description of the PPP Loans and the Bounce Back Loans.
(2) Note that these loans are not currently in default.
Schedule of Non-Current Loans Payable   The non-current portion of the Company’s loans payable as of December 31, 2022 and 2021 are as follows:
    Simple Interest Rate     December 31,
2022		     December 31,
2021		     Maturity
Date
PPP loan payable issued May 5, 2020     1.0 %    
-
     $ 41,312     5/4/2022
BBLS loan payable issued June 10, 2020     2.5 %     43,129       61,170     6/10/2026
Subtotal             43,129       102,482      
Less: Current portions of BBLS/PPP loans, respectively (see above)             (11,940 )     (54,317 )    
Non-current portion           $ 31,189     $ 48,165      

 
Schedule of Related Party Loans Payable   Loans payable to related parties (the “Related Party Loans”) consist of loans payable to certain of the Company’s officers, directors and a greater than 10% stockholder. The Company had the following loans payable to related parties outstanding as of December 31, 2022 and 2021:
   

Simple

Interest Rate

     December 31,
2022(1)		     December 31,
2021		  
Loan payable issued September 18, 2019     8 %   $
         -
     $ 50,000  
Loan payable issued October 8, 2019     0 %    
-
       4,000  
Loan payable issued February 5, 2020     8 %    
-
       3,500  
Loan payable issued March 31, 2020     8 %    
-
       4,537  
Loan payable issued June 17, 2020     8 %    
-
       485  
Loan payable issued July 15, 2020     8 %    
-
       5,503  
Loan payable issued October 8, 2020 *     8 %    
-
       8,708  
Loan payable issued October 14, 2020     8 %    
-
       4,544  
            $
-
     $ 81,277  
* These are loans denominated in currencies other than USD.
(1) The loan payables listed belong to holders that are no longer considered related parties as of this date.