Quarterly report pursuant to Section 13 or 15(d)

Loans Payable

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Loans Payable
 3 Months Ended
Mar. 31, 2024
Loans Payable [Abstract]  
LOANS PAYABLE

NOTE 7 - LOANS PAYABLE

 

Loans Payable

 

The following table summarizes the activity of loans payable during the quarter ended March 31, 2024:

 

    Principal
balance at
December 31,
2023		     Principal
repaid in
cash		     Effect of
foreign
exchange
rates		     Principal
balance at
March 31,
2024		  
Bounce Back Loan Scheme   $ 32,818     $ (3,167 )   $ (239 )   $ 29,412  
First Insurance - 2023     785,150       (261,716 )    
-
       523,434  
Other loans payable     236,092      
-
       (60 )     236,032  
Total loans payable   $ 1,054,060     $ (264,883 )   $ (299 )   $ 788,878  
Less: loans payable – current portion     1,034,124                       772,334  
Loans payable – noncurrent portion   $ 19,936                     $ 16,544  

 

For the three months ended March 31, 2024 and 2023, the Company recognized interest expense associated with loans payable of $16,449 and $11,556, respectively. As of March 31, 2024 and December 31, 2023, the Company had accrued interest associated with loans payable of $76,659 and $70,923, respectively.