Quarterly report pursuant to Section 13 or 15(d)

Loans Payable

v3.24.3
Loans Payable
 9 Months Ended
Sep. 30, 2024
Loans Payable [Abstract]  
LOANS PAYABLE

NOTE 8 - LOANS PAYABLE

 

Loans Payable

 

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

 

    Principal
balance at
December 31,
2023		     Principal
additions		     Principal
repayments
in cash		     Cancellation     Effects
of foreign
exchange
rates		     Principal
balance at
September 30,
2024		  
Bounce Back Loan Scheme   $ 32,818     $
-
     $ (9,751 )   $
-
     $ 1,300     $ 24,367  
First Insurance - 2023     785,150      
-
       (523,434 )     (261,716 )    
-
      
-
  
First Insurance - 2024    
-
       777,702       (472,671 )    
-
      
-
       305,031  
Other loans payable     236,092      
-
      
-
       (81,720 )     (53 )     154,319  
Total loans payable   $ 1,054,060     $ 777,702     $ (1,005,856 )   $ (343,436 )   $ 1,247   $ 483,717  
Less: loans payable – current portion     1,034,124                                       473,143  
Loans payable – noncurrent portion   $ 19,936                                     $ 10,574  

 

For the three months ended September 30, 2024 and 2023, the Company recognized interest expense associated with loans payable of $13,633 and $11,633 respectively. For the nine months ended September 30, 2024 and 2023, the Company recognized interest expense associated with loans payable of $41,442 and $34,796, respectively, and interest income — related parties associated with loans payable of $0 and $0, respectively.

 

During the nine months ended September 30, 2024, the Company settled $25,171 of interest expense related to loans payable. As of September 30, 2024 and December 31, 2023, the Company had accrued interest associated with loans payable of $56,363 and $70,923, respectively. In June 2024, the Company cancelled the 2023 insurance policy with First Insurance and on October 1, 2024, the Company received the return premiums of $178,514 related to the cancelled insurance policy. 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.