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Loans Payable | 6 Months Ended
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Jun. 30, 2022
Loans Payable [Abstract] |
LOANS PAYABLE | NOTE 7 - LOANS PAYABLE Loans Payable The following table summarizes the activity of loans payable during the six months ended June 30, 2022:
|  | Principal Balance at December 31, 2021 |  |  | Forgiveness |  |  | Principal Repaid in Cash |  |  | Adjustment |  |  | Effect of Foreign Exchange Rates |  |  | Principal Balance at June 30, 2022 |
Paycheck Protection Program |  | $ | 41,312 |  |  | $ | - |  |  | $ | (41,312 | ) |  | $ | - |  |  | $ | - |  |  | $ | - |
Bounce Back Loan Scheme |  |  | 61,169 |  |  |  | - |  |  |  | (5,810 | ) |  |  | - |  |  |  | (6,179 | ) |  |  | 49,180 |
First Assurance Funding |  |  | 1,618,443 |  |  |  | - |  |  |  | (962,641 | ) |  |  | (14,042 | ) (1) |  |  | - |  |  |  | 641,760 |
Other loans payable |  |  | 155,320 |  |  |  | - |  |  |  | - |  |  |  | (5,000 | ) (2) |  |  | - |  |  |  | 150,320 |
Total loans payable |  | $ | 1,876,244 |  |  | $ | - |  |  | $ | (1,009,763 | ) |  | $ | (19,042 | ) |  | $ | (6,179 | ) |  | $ | 841,260 |
Less: loans payable - current portion |  |  | 1,828,079 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 803,917 |
Loans payable - noncurrent portion |  | $ | 48,165 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 37,343 |
| (1) | Note that this amount was related to finance charges and was reclassified.
| (2) | Note that this amount was reclassified to related party payables.
During the three months ended June 30, 2022, the Company paid $481,321 in partial satisfaction of the First Assurance Funding loan, $2,914 for the Bounce Back Loan Scheme, and $10,403 to satisfy the Paycheck Protection Program loan. During the six months ended June 30, 2022, the Company paid an aggregate of $962,641 and $5,810 in partial satisfaction of the First Assurance Funding loan and the Bounce Back Loan Scheme, respectively, and paid $41,312 in full satisfaction of the Paycheck Protection Program loan. Loans Payable – Related Parties The below table summarizes the activities of loans payable – related parties during the six months ended June 30, 2022 (see Note 10 – Related Parties for additional details):
|  | Principal Balance at December 31, 2021 |  |  | Reclass from Loans Payable |  |  | Effect of Foreign Exchange Rates |  |  | Principal Balance at June 30, 2022 |
Loans payable issued between |  |  |  |  |  |  |  |  |  |  |  |
September 18, 2019 through November 4, 2020 |  | $ | 81,277 |  |  | $ | 5,000 |  |  | $ | (879 | ) |  | $ | 85,398 |
Interest Expense on Loans Payable For the three months ended June 30, 2022 and 2021, the Company recognized interest expense associated with loans payable of $7,355 and $9,926, respectively, and interest expense — related parties associated with loans payable of $1,531 and $10,228, respectively. During the six months ended June 30, 2022 and 2021, the Company recognized interest expense associated with loans payable of $14,769 and $18,183, respectively, and interest income (expense) — related parties associated with loans payable of $3,031 and ($20,331), respectively. As of June 30, 2022, the Company had accrued interest and accrued interest — related parties associated with loans payable of $29,984 and $14,185, respectively. As of December 31, 2021, the Company had accrued interest and accrued interest — related parties associated with loans payable of $24,212 and $812, respectively. See Note 10 — Related Parties for additional details.

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