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LOAN RECEIVABLE
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
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 the Company entered into 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. During the three-month period ended March 31, 2025, the Company accrued interest income of €43,179 ($45,472) in connection with the note receivable governed by this agreement. No principal or interest payments were received during the period. The Note is considered fully recoverable as of March 31, 2025.

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 the Company entered into 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, 2023, the Company had a short-term receivable balance of $411,858 and a long-term receivable balance of $3,509,200 under this loan. During the year ended December 31, 2024, the Company received €223,914 ($231,774) in principal payments such that as of December 31, 2024, the Company had a short-term receivable balance of $614,473 and a long-term receivable balance of $2,876,523 under this loan. The Company also received €107,144 ($110,904) in interest payments during year ended December 31, 2024. The Note is considered fully recoverable as of December 31, 2024.