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LOAN RECEIVABLE | 6 Months Ended
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Jun. 30, 2023
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 S.A. to memorialize €4,284,521 ($4,849,221) of the prepayments the Company had made. The prepayments to Medihelm S.A. had been made in accordance with the parallel export business, through which Medihelm supplied and would supply SkyPharm S.A. with branded pharmaceuticals. This business is no longer in place for the Company and thus the Company entered into this agreement with Medihelm S.A. 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, 2022, the Company had a short-term receivable balance of $377,038 and a long-term receivable balance of $3,792,034 under this loan. During the six months ended June 30, 2023, the Company received €173,802 ($189,792) in principal payments such that as of June 30, 2023, the Company had a short-term receivable balance of $395,568 and a long-term receivable balance of $3,670,227 under this loan. The Company also received €89,410 ($97,636) in interest payments during the six months ended June 30, 2023.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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