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Loans Payable
 6 Months Ended
Jun. 30, 2024
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, 2024:

 

   Principal
balance at
December 31,
2023		   Principal
additions		   Principal
repayments
in cash		   Noncash
settlement		   Effects
of foreign
exchange
rates		   Principal
balance at
June 30,
2024		 
Bounce Back Loan Scheme  $32,818   $
-
   $(6,518)  $
-
   $(212)  $26,088 
First Insurance - 2023   785,150         (523,434)   
-
    
-
    261,716 
Other loans payable   236,092    
 
    
-
    (81,720)   109    154,481 
Total loans payable  $1,054,060   $77,702   $(529,952)  $(131,720)  $(103)  $442,285 
Less: loans payable – current portion   1,034,124                        428,996 
Loans payable – noncurrent portion  $19,936                       $13,289 

 

For the three months ended June 30, 2024 and 2023, the Company recognized interest expense associated with loans payable of $11,360 and $11,606, respectively. For the six months ended June 30, 2024 and 2023, the Company recognized interest expense associated with loans payable of $27,162 and $23,162, respectively, and interest income — related parties associated with loans payable of $0 and $0, respectively.

 

During the six months ended June 30, 2024, the Company settled $25,171 of interest expense related to loans payable. As of June 30, 2024 and December 31, 2023, the Company had accrued interest associated with loans payable of $74,324 and $70,923, respectively. In June 2024, the Company cancelled the insurance policy with First Insurance. The Company expects to receive premiums to be returned to the Company to retire the note payable. 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.