Quarterly report pursuant to Section 13 or 15(d)

Loans Payable

v3.23.3
Loans Payable
 9 Months Ended
Sep. 30, 2023
Loans Payable [Abstract]  
LOANS PAYABLE

NOTE 7 - LOANS PAYABLE

 

Loans Payable

 

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  

 

Interest Expense on Loans Payable

 

For the three months ended September 30, 2023 and 2022, the Company recognized interest expense associated with loans payable of $11,633 and $7,348, respectively, and interest expense — related parties associated, with loans payable of $0 and $1,536, respectively. For the nine months ended September 30, 2023 and 2022, the Company recognized interest expense associated with loans payable of $34,796 and $22,117, respectively, and interest income — related parties associated with loans payable of $0 and $1,495, respectively.

 

As of September 30, 2023, the Company had accrued interest and accrued interest — related parties, associated with loans payable of $66,415 and $0, respectively. As of December 31, 2022, the Company had accrued interest and accrued interest — related parties associated with loans payable of $37,960 and $16,770, respectively. Accrued interest is recorded within accrued expenses and appears under that caption on the balance sheet; accrued interest – related parties is recorded within accrued expenses – related parties and appears under that caption on the balance sheet. See Note 10 — Related Parties for additional details.