Quarterly report pursuant to Section 13 or 15(d)

Loans Payable

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Loans Payable
 6 Months Ended
Jun. 30, 2024
Loans Payable [Abstract]  
LOANS PAYABLE

NOTE 7 - LOANS PAYABLE

 

Loans Payable

 

The following table summarizes the activity of loans payable during the six months ended June 30, 2024:

 

    Principal
balance at
December 31,
2023		     Principal
additions		     Principal
repayments
in cash		     Noncash
settlement		     Effects
of foreign
exchange
rates		     Principal
balance at
June 30,
2024		  
Bounce Back Loan Scheme   $ 32,818     $
-
     $ (6,518 )   $
-
     $ (212 )   $ 26,088  
First Insurance - 2023     785,150               (523,434 )    
-
      
-
       261,716  
Other loans payable     236,092      
 
      
-
       (81,720 )     109       154,481  
Total loans payable   $ 1,054,060     $ 77,702     $ (529,952 )   $ (131,720 )   $ (103 )   $ 442,285  
Less: loans payable – current portion     1,034,124                                       428,996  
Loans payable – noncurrent portion   $ 19,936                                     $ 13,289  

 

For the three months ended June 30, 2024 and 2023, the Company recognized interest expense associated with loans payable of $11,360 and $11,606, respectively. For the six months ended June 30, 2024 and 2023, the Company recognized interest expense associated with loans payable of $27,162 and $23,162, respectively, and interest income — related parties associated with loans payable of $0 and $0, respectively.

 

During the six months ended June 30, 2024, the Company settled $25,171 of interest expense related to loans payable. As of June 30, 2024 and December 31, 2023, the Company had accrued interest associated with loans payable of $74,324 and $70,923, respectively. In June 2024, the Company cancelled the insurance policy with First Insurance. The Company expects to receive premiums to be returned to the Company to retire the note payable. The Company entered into a new replacement policy effective June 14, 2024, and entered into a financing agreement related to the new policy for $777,702 in July 2024.