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LOAN RECEIVABLE | 9 Months Ended
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Sep. 30, 2022
LOAN RECEIVABLE |
LOAN RECEIVABLE | NOTE 6 – LOAN RECEIVABLE On October 30, 2021, the Company entered into an agreement for a ten-year loan with Medihelm SA to memorialize €4,284,521 ($4,849,221) in prepayments the Company had made. The prepayments to Medihelm SA had been made in accordance with the parallel export business, through which Medihelm supplied and would supply SkyPharm SA with branded pharmaceuticals. This business is no longer in place for the Company and thus entered to this agreement with Medihelm SA in order for the outstanding amount to be settled. Interest is calculated at a rate of 5.5% per annum on a 360-day basis. Under the terms of the agreement, the Company is to receive 120 equal payments over the term of the loan. As of December 31, 2021, the Company had a short-term receivable balance of $377,590 and a long-term receivable balance of $4,410,689 under this loan. During the nine months ended September 30, 2022, the Company received €251,190 ($245,739) in principal payments such that as of September 30, 2022, the Company had a short-term receivable balance of $340,092 and a long-term receivable balance of $3,553,039 under this loan. The Company also received €144,523($141,387) in interest payments during the nine months ended September 30, 2022.

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