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BANK NOTES PAYABLES
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
BANK NOTES PAYABLES

5. BANK NOTES PAYABLES

 

   September 30,   December 31, 
   2023   2022 
         
September 22, 2017 ($250,000) - AA  $-   $141,684 
November 27, 2018 ($780,000) - JJ   359,589    441,735 
February 13, 2020 ($255,000) - CC   -    197,700 
September 14, 2021 ($197,000) - CC   167,782    138,778 
September 15, 2021 ($199,000) - DD   -    178,905 
April 22, 2022 ($195,000) - Cerritos   177,665    187,284 
May 22, 2023 ($138,000) - BB   127,530    - 
May 22, 2023 ($196,000) - CC   181,091    - 
May 22, 2023 ($178,000) - DD   165,552    - 
September 13, 2023 ($150,000) - Garden Grove   147,473    - 
September 13, 2023 ($150,000) - Laguna   147,473    - 
Total bank notes payables   1,474,155    1,286,086 
           
Less - current portion   (93,859)   (265,943)
Total bank notes payables, less current portion  $1,380,296   $1,020,143 

 

The following table provides future minimum payments as of September 30, 2023:

 

For the years ended  Amount 
2023 (remaining three months)  $93,859 
2024   375,432 
2025   361,602 
2026   209,468 
2027   209,468 
Thereafter   224,326 
      
Total  $1,474,155 

 

September 22, 2017 – $250,000 – Global AA Group, Inc.

 

On September 22, 2017, Global AA Group, Inc. (the “AA”) executed the standard loan documents required for securing a loan of $250,000 from the U.S. Small Business Administration (the “SBA”), with proceeds to be used for working capital purposes. The Company refinanced the loan with a commercial bank on May 22, 2023 under the Global BB Group, Inc. As of September 30, 2023 and December 31, 2022, the balance of the loan is zero and $141,684, respectively.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

5. BANK NOTES PAYABLES (Continued)

 

November 27, 2018 – $780,000 – Global JJ Group, Inc.

 

On November 27, 2018, Global JJ Group, Inc. (the “JJ”) executed the standard loan documents required for securing a loan of $780,000 from the SBA, with proceeds to be used for working capital purposes. As of September 30, 2023 and December 31, 2022, the balance of the loan is $359,589 and $441,735, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $12,571.15 per month which includes principal and interest with an interest rate of 10.25% per year. The balance of principal and interest is payable on December 1, 2025.

 

February 13, 2020 – $255,000 – Global CC Group, Inc.

 

On February 13, 2020, Global CC Group, Inc. (the “CC”) executed the standard loan documents required for securing a loan of $255,000 from the SBA, with proceeds to be used for working capital purposes. The Company refinanced the loan with a commercial bank on May 22, 2023 under the Global CC Group, Inc. As of September 30, 2023 and December 31, 2022, the balance of the loan is zero and $197,700, respectively.

 

September 14, 2021 – $197,000 – Global CC Group, Inc.

 

On September 14, 2021, the CC executed the standard loan documents required for securing a loan of $197,000 from the SBA, with proceeds to be used for working capital purposes. As of September 30, 2023 and December 31, 2022, the balance of the loan is $167,782 and $138,778, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $2,551.60 per month which includes principal and interest with an initial interest rate of 10.25%. The balance of principal and interest is payable on September 14, 2031.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

5. BANK NOTES PAYABLES (Continued)

 

September 15, 2021– $199,000 – Global DD Group, Inc.

 

On September 15, 2021, Global DD Group, Inc. (the “DD”) executed the standard loan documents required for securing a loan of $199,000 from the SBA, with proceeds to be used for working capital. The Company refinanced the loan with a commercial bank on May 22, 2023 under the Global DD Group, Inc. As of September 30, 2023 and December 31, 2022, the balance of the loan is zero and $178,905, respectively.

 

April 22, 2022– $195,000 – Yoshiharu Cerritos

 

On April 22, 2022, Yoshiharu Cerritos (the “YC”) executed the standard loan documents required for securing a loan of $195,000 from the SBA, with proceeds to be used for working capital purposes. As of September 30, 2023 and December 31, 2022, the balance of the loan is $177,665 and $187,284, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $2,573.20 per month which includes principal and interest with an initial interest rate of 10.25%. The balance of principal and interest is payable on April 22, 2032.

 

May 22, 2023– $138,000 – Global BB Group, Inc.

 

On May 22, 2023, Global BB Group, Inc. (the “BB”) executed the standard loan documents required for securing a loan of $138,000 from a commercial bank, with proceeds to be used for working capital purposes. With the proceeds, BB paid off the existing SBA loan borrowed by Global AA Group, Inc on September 17, 2017. As of September 30, 2023, the balance of the loan is $127,530.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $2,892.36 per month which includes principal and interest with an initial interest rate of 9.75%. The balance of principal and interest is payable on April 22, 2028.

 

May 22, 2023– $196,000 – Global CC Group, Inc.

 

On May 22, 2023, Global CC Group, Inc. (the “CC”) executed the standard loan documents required for securing a loan of $196,000 from a commercial bank, with proceeds to be used for working capital purposes. With the proceeds, CC paid off the existing SBA loan borrowed by CC on February 13, 2020. As of September 30, 2023, the balance of the loan is $181,091.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $4,107.11 per month which includes principal and interest with an initial interest rate of 9.75%. The balance of principal and interest is payable on April 22, 2028.

 

May 22, 2023– $178,000 – Global DD Group, Inc.

 

On May 22, 2023, Global DD Group, Inc. (the “DD”) executed the standard loan documents required for securing a loan of $178,000 from a commercial bank, with proceeds to be used for working capital purposes. With the proceeds, DD paid off the existing SBA loan borrowed by DD on September 15, 2021. As of September 30, 2023, the balance of the loan is $165,552.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,754.68 per month which includes principal and interest with an initial interest rate of 9.75%. The balance of principal and interest is payable on April 22, 2028.

 

September 13, 2023– $150,000 – Yoshiharu Garden Grove

 

On September 13, 2023, Yoshiharu Garden Grove (the “YG”) executed the standard loan documents required for securing a loan of $150,000 from a commercial bank, with proceeds to be used for working capital purposes. As of September 30, 2023, the balance of the loan is $147,473.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,160.82 per month which includes principal and interest with an initial interest rate of 9.50%. The balance of principal and interest is payable on September 13, 2028.

 

September 13, 2023– $150,000 – Yoshiharu Laguna

 

On September 13, 2023, Yoshiharu Laguna (the “YL”) executed the standard loan documents required for securing a loan of $150,000 from a commercial bank, with proceeds to be used for working capital purposes. As of September 30, 2023, the balance of the loan is $147,473.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,160.82 per month which includes principal and interest with an initial interest rate of 9.50%. The balance of principal and interest is payable on September 13, 2028.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS