Loans Payable (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Loans Payable [Abstract] |
|
| Schedule of Loans Payable |
The following tables summarize
the activity of loans payable during the years ended December 31, 2024 and 2023:
| |
|
Principal
balance at
December 31,
2023 |
|
|
Principal
additions |
|
|
Principal
repayments
in cash |
|
|
Cancellation |
|
|
Effects
of foreign
exchange
rates |
|
|
Principal
balance at
December 31,
2024 |
|
| Bounce Back Loan Scheme |
|
$ |
32,818 |
|
|
$ |
- |
|
|
$ |
(12,948 |
) |
|
$ |
- |
|
|
$ |
(268 |
) |
|
$ |
19,602 |
|
| First Insurance - 2023 |
|
|
785,150 |
|
|
|
- |
|
|
|
(523,434 |
) |
|
|
(261,716 |
) |
|
|
- |
|
|
|
- |
|
| First Insurance - 2024 |
|
|
- |
|
|
|
777,702 |
|
|
|
(777,118 |
) |
|
|
- |
|
|
|
- |
|
|
|
584 |
|
| Other loans payable |
|
|
236,092 |
|
|
|
- |
|
|
|
(20,000 |
) |
|
|
(81,720 |
) |
|
|
(53 |
) |
|
|
134,319 |
|
| Total loans payable |
|
$ |
1,054,060 |
|
|
$ |
777,702 |
|
|
$ |
(1,333,500 |
) |
|
$ |
(343,436 |
) |
|
$ |
(321 |
) |
|
$ |
154,505 |
|
| Less: loans payable – current portion |
|
|
1,034,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147,889 |
|
| Loans payable – noncurrent portion |
|
$ |
19,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,616 |
|
| |
|
Principal
Balance at
January 1,
2023 |
|
|
Adjustments |
|
|
Principal
Repaid in
Cash |
|
|
New Issuances |
|
|
Effect of
Foreign
Exchange
Rates |
|
|
Principal
Balance at
December 31,
2023 |
|
| Bounce Back Loan Scheme |
|
$ |
43,129 |
|
|
$ |
- |
|
|
$ |
(12,326 |
) |
|
$ |
- |
|
|
$ |
2,015 |
|
|
$ |
32,818 |
|
| First Insurance – 2022 |
|
|
1,060,890 |
|
|
|
- |
|
|
|
(1,060,890 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| First Insurance – 2023 |
|
|
- |
|
|
|
- |
|
|
|
(184,172 |
) |
|
|
969,322 |
|
|
|
- |
|
|
|
785,150 |
|
| Other loans payable |
|
|
235,686 |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
406 |
|
|
|
236,092 |
|
| Total loans payable |
|
|
1,339,705 |
|
|
$ |
- |
|
|
$ |
(1,257,388 |
) |
|
$ |
969,322 |
|
|
$ |
2,421 |
|
|
|
1,054,060 |
|
| Less: loans payable – current portion |
|
|
1,308,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,034,124 |
|
| Loans payable – non-current portion |
|
$ |
31,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
19,936 |
|
|
| Schedule of Loans Payable, Current Portion |
Loans Payable, Current Portion
| |
|
Simple
Interest Rate |
|
|
December 31,
2024 |
|
|
December 31,
2023 |
|
| Loan payable issued September 18, 2019 |
|
|
8 |
% |
|
$ |
- |
|
|
$ |
50,000 |
|
| Loan payable issued September 18, 2019 |
|
|
8 |
% |
|
|
50,000 |
|
|
|
50,000 |
|
| Loan payable issued October 8, 2019 |
|
|
0 |
% |
|
|
4,000 |
|
|
|
4,000 |
|
| Loan payable issued October 29, 2019 |
|
|
8 |
% |
|
|
54,250 |
|
|
|
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 |
|
| Loan payable issued March 31, 2020 |
|
|
8 |
% |
|
|
4,537 |
|
|
|
4,537 |
|
| Loan payable issued June 8, 2020 |
|
|
0 |
% |
|
|
- |
|
|
|
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 |
% |
|
|
- |
|
|
|
8,204 |
|
| Loan payable issued October 13, 2020 |
|
|
8 |
% |
|
|
13,337 |
|
|
|
13,337 |
|
| Loan payable issued October 14, 2020 |
|
|
8 |
% |
|
|
- |
|
|
|
4,544 |
|
| Current portion of Bounce Back Loans (1) (2)
|
|
|
1 |
% |
|
|
12,986 |
|
|
|
12,882 |
|
| First Insurance Funding payable issued December 2024 and 2023 (2)
|
|
|
2 |
% |
|
|
584 |
|
|
|
785,150 |
|
| |
|
|
|
|
|
$ |
147,889 |
|
|
$ |
1,034,124 |
|
| | * | These loans are denominated in currencies other than USD. |
| | (1) | See Loans Payable, Non-Current Portion for a description of the Bounce Back Loans. |
| | (2) | Note that these loans are not currently in default. |
|
| Schedule of Non-Current Portion of the Company’s Loans Payable |
The non-current portion of
the Company’s loans payable as of December 31, 2024 and 2023 are as follows:
| |
| Simple Interest Rate |
|
| December 31,
2024 |
|
| December 31,
2023 |
|
| Maturity
Date |
| BBLS loan payable issued June 10, 2020 |
| |
2.5 |
% |
| |
19,602 |
|
| |
32,818 |
|
| 6/10/2026 |
| Subtotal |
| |
|
|
| |
19,602 |
|
| |
32,818 |
|
| |
| Less: Current portions of BBLS loans, respectively (see above) |
| |
|
|
| |
(12,986 |
) |
| |
(12,882 |
) |
| |
| Non-current portion |
| |
|
|
| $ |
6,616 |
|
| $ |
19,936 |
|
| |
|