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LOANS PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2023
Notes and other explanatory information [abstract] |
SUMMARY OF LOANS PAYABLE | As of December 31, 2023 and 2022, loans payable consisted of: SUMMARY OF LOANS PAYABLE
|  | 2023 |  |  | 2022 |
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Loans payable – current portion |  | $ | 2,467,656 |  |  | $ | 334,391 |
Loans payable – non-current portion |  |  | 254,455 |  |  |  | 428,025 |
Total |  | $ | 2,722,111 |  |  | $ | 762,416 |
SCHEDULE OF LINE OF CREDIT FOR WORKING CAPITAL REQUIREMENT | Education Angels has obtained line of credit for working capital requirement in 2020, 2021 and 2022. The loans are secured by the guarantees of the Director and do not have covenant clauses. The outstanding principal as of December 31, 2023 and December 31, 2022 are as follows: SCHEDULE OF LINE OF CREDIT FOR WORKING CAPITAL REQUIREMENT
Loan Type |  | Start Date |  | Loan Amount |  |  | Tenure |  | Interest Rate |  |  | Outstanding as of December 31, 2023 |  |  | Outstanding as of December 31, 2022 |
IRD Loan |  | 2020 |  | $ | 20,063 |  |  | 60 Months |  |  | 3.25 | % |  | $ | 10,247 |  |  | $ | 16,900 |
Juke NWN765 |  | 2021 |  | $ | 19,679 |  |  | 36 Months |  |  | 1.30 | % |  | $ | 5,500 |  |  | $ | 12,255 |
Qashqai NWN767 |  | 2021 |  | $ | 22,258 |  |  | 36 Months |  |  | 1.20 | % |  | $ | 6,990 |  |  | $ | 13,886 |
Qashqai NWN766 |  | 2022 |  | $ | 22,258 |  |  | 36 Months |  |  | 1.20 | % |  | $ | 7,396 |  |  | $ | 14,475 |
Mastermind Principles and Property Investors Network has obtained line of credit for the working capital requirement in 2020 and 2022. The loans are secured by the guarantees of the Director and do not have covenant clauses. The outstanding principal amount as of December 31, 2023 and December 31, 2022 are as follows –
Loan Type |  | Start Date |  | Loan Amount |  |  | Tenure |  | Interest Rate |  |  | Outstanding as of December 31, 2023 |  |  | Outstanding as of December 31, 2022 |
Lloyds CBIL (MPL) |  | 2020 |  | $ | 239,540 |  |  | 60 Months |  |  | 2.80 | % |  | $ | 126,067 |  |  | $ | 167,678 |
Funding Circle Loan (MPL) |  | 2022 |  | $ | 380,804 |  |  | 48 Months |  |  | 9.30 | % |  | $ | 235,504 |  |  | $ | 305,787 |
The Funding Circle (PIN) |  | 2022 |  | $ | 116,054 |  |  | 48 Months |  |  | 9.30 | % |  | $ | 69,271 |  |  | $ | 93,193 |
Lloyds Bounceback Loan |  | 2022 |  | $ | 51,378 |  |  | 72 Months |  |  | 2.50 | % |  | $ | 30,764 |  |  | $ | 41,335 |
Other loans |  | 2021 |  | $ | 14,269 |  |  | - |  |  | - |  |  | $ | 14,269 |  |  | $ | 10,508 |
Loan Type |  | Start Date |  | Loan Amount |  |  | Tenure |  | Interest Rate |  |  | Outstanding as of December 31, 2023 |  |  | Outstanding as of December 31, 2022 |
Bridge Loan (Alto Opportunity) |  | 2023 |  | $ | 2,200,000 |  |  | 4 Months |  |  | 0 | % |  | $ | 2,177,329 |  |  | $ | - |

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