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Loans Payable to Financial Institutions
 9 Months Ended
Sep. 30, 2022
Loans Payable to Financial Institutions [Abstract]  
LOANS PAYABLE TO FINANCIAL INSTITUTIONS

4. LOANS PAYABLE TO FINANCIAL INSTITUTIONS

 

Loans payable to financial institutions consist of the following:

 

   September 30,
2022		   December 31,
2021		 
         
July 2021 - Loan agreement with principal amount of $90,000 and repayment rate of 19% for a total of $101,700. The loan payable matures on January 31, 2023.  $-   $52,819 
           
August 2021 - Loan agreement with principal amount of $72,500 and repayment rate of 18.5% for a total of $81,925. The loan payable matures on February 10, 2023.   -    36,502 
           
August 2021 - Loan agreement with principal amount of $67,500 and repayment rate of 18.5% for a total of $76,275. The loan payable matures on February 11, 2023.   -    32,382 
           
August 2022 - Loan agreement with principal amount of $100,000 and repayment rate of 20.5% for a total of $112,215. The loan payable matures on February 2, 2024.   88,982    32,382 
Total loan payable  $88,982   $121,703 
Less: current portion   (74,810)   (98,475)
           
Total loan payable, net of current  $14,172   $23,228 

 

July 2021 - $ 101,700 loan payable

 

In July 2021, the Company entered into a loan agreement with Square Capital in the principal amount of $90,000 with loan cost $11,700. The loan payable has a maturity date on January 31, 2023. As of September 30, 2022 and December 31, 2021, there was a balance outstanding of $0 and $52,819, respectively.

 

August 2021 - $81,925 loan payable

 

In August 2021, the Company entered into a loan agreement with Square Capital in the principal amount of $72,500 with loan cost $9,425. The loan payable has a maturity date on February 10, 2023. As of September 30, 2022 and December 31, 2021, there was a balance outstanding of $0 and $36,502, respectively.

 

August 2021 - $76,275 loan payable

 

In August 2021, the Company entered into a loan agreement with Square Capital in the principal amount of $67,500 with loan cost $8,775. The loan payable has a maturity date on February 11, 2023. As of September 30, 2022 and December 31, 2021, there was a balance outstanding of $0 and $32,382, respectively.

 

August 2022 - $88,982 loan payable

 

In August 2022, the Company entered into a loan agreement with Square Capital in the principal amount of $100,000 with loan cost $12,215. The loan payable has a maturity date on February 2, 2024. As of September 30, 2022 and December 31, 2021, there was a balance outstanding of $88,982 and $0, respectively.