Quarterly report pursuant to Section 13 or 15(d)

Loans Payable

v3.22.1
Loans Payable
 3 Months Ended
Mar. 31, 2022
Loans Payable [Abstract]  
LOANS PAYABLE

NOTE 7 - LOANS PAYABLE

 

Loans Payable

 

The following table summarizes the activity of loans payable during the three months ended March 31, 2022:

 

    Principal
Balance at
December 31,
2021		     Forgiveness     Principal
Repaid in
Cash		     Adjustment     Effect of
Foreign
Exchange
Rates		     Principal
Balance at
March 31,
2022		  
Paycheck Protection Program   $ 41,312     $
         -
     $ (30,967 )   $ -     $
-
     $ 10,345  
Bounce Back Loan Scheme     61,169      
-
       (3,131 )     -       (1,710 )     56,328  
First Assurance Funding     1,618,443      
-
       (481,321 )     (14,042 )(2)    
-
       1,123,080  
Other loans payable     155,320      
-
      
-
       (5,000 )(1)    
-
       150,320  
Total loans payable   $ 1,876,244     $
-
     $ (515,419 )   $ (19,042 )   $ (1,710 )   $ 1,340,073  
Less: loans payable - current portion     1,828,079                                       1,296,466  
Loans payable - noncurrent portion   $ 48,165                                     $ 43,607  

 

(1) Note that this amount was reclassified to related party payables.
(2) Note that this amount was related to finance charges and was reclassified.

 

During the three months ended March 31, 2022, the Company paid an aggregate of $481,321, $3,131 and $30,967 in partial satisfaction of the First Assurance Funding loan, the Bounce Back Loan Scheme and the Paycheck Protection Program loan, respectively.

 

Loans Payable – Related Parties

 

The below table summarizes the activities of loans payable – related parties during the three months ended March 31, 2022:

 

    Principal
Balance at
December 31,
2021		     Reclass
from Loans
Payable		     Effect of
Foreign
Exchange
Rates		     Principal
Balance at
March 31,
2022		  
Loans payable issued between                                
September 18, 2019 through November 4, 2020   $ 81,277     $ 5,000     $ (243 )   $ 86,034  

 

Interest Expense on Loans Payable

 

For the three months ended March 31, 2022, the Company recognized interest expense and interest income — related parties associated with loans of $7,415 and $4,562, respectively. During the three months ended March 31, 2021, the Company recognized interest expense and interest expense — related parties associated with loans of $8,257 and $10,103, respectively.

 

As of March 31, 2022, the Company had accrued interest and accrued interest — related parties associated with loans of $27,086 and $12,818, respectively. As of December 31, 2021, the Company had accrued interest and accrued interest — related parties associated with loans of $24,212 and $812, respectively. See Note 10 — Related Parties for additional details.