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LOAN PAYABLES, EIDL
 9 Months Ended
Sep. 30, 2023
Loan Payables Eidl  
LOAN PAYABLES, EIDL

7. LOAN PAYABLES, EIDL

 

   September 30,   December 31, 
   2023   2022 
         
June 13, 2020 ($150,000 - EIDL ) – AA  $143,036   $150,000 
June 13, 2020 ($150,000 - EIDL ) – BB   143,037    150,000 
July 15, 2020 ($150,000 - EIDL) - JJ   142,578    150,000 
           
Total loans payables, EIDL   428,651    450,000 
           
Less - current portion   (33,819)   (39,652)
           
Total loans payables, EIDL, less current portion  $394,832   $410,348 

 

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

 

For the years ended  Amount 
2023 (remaining three months)  $29,940 
2024   15,516 
2025   15,516 
2026   15,516 
2027   15,516 
Thereafter   336,647 
      
Total  $428,651 

 

June 13, 2020 – $150,000 – Global AA Group, Inc.

 

On June 13, 2020, Global AA Group, Inc. (the “AA”) executed the standard loan documents required for securing a loan (the “EIDL Loan”) from the SBA under its Economic Injury Disaster Loan (“EIDL”) assistance program in light of the impact of the COVID-19 pandemic on the AA’s business.

 

Pursuant to that certain Loan Authorization and Agreement, the AA borrowed an aggregate principal amount of the AA EIDL Loan of $150,000, with proceeds to be used for working capital purposes. Interest accrues at the rate of 3.75% per annum and will accrue only on funds actually advanced from the date of each advance. Installment payments, including principal and interest, are due monthly since May 14, 2021 (twelve months from the date of the AA EIDL Loan) in the amount of $731. The balance of principal and interest is payable thirty years from the date of the AA EIDL Loan. In connection therewith, the AA also received a $10,000 grant, which does not have to be repaid.

 

In connection therewith, the AA executed (i) a loan for the benefit of the SBA, which contains customary events of default and (ii) a security agreement, granting the SBA a security interest in all tangible and intangible personal property of the AA, which also contains customary events of default.

 

As of September 30, 2023 and December 31, 2022, the balance of the loan is $143,036 and $150,000, respectively.

 

June 13, 2020 – $150,000 – Global BB Group, Inc.

 

On June 13, 2020, Global BB Group, Inc. (the “BB”) executed the standard loan documents required for securing an EIDL loan (the “BB EIDL Loan”) from the SBA in light of the impact of the COVID-19 pandemic on the BB’s business.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

7. LOAN PAYABLES, EIDL (Continued)

 

Pursuant to that certain Loan Authorization and Agreement, the BB borrowed an aggregate principal amount of the BB EIDL Loan of $150,000, with proceeds to be used for working capital purposes. Interest accrues at the rate of 3.75% per annum and will accrue only on funds actually advanced from the date of each advance. Installment payments, including principal and interest, are due monthly since May 14, 2021 (twelve months from the date of the BB EIDL Loan) in the amount of $731. The balance of principal and interest is payable thirty years from the date of the BB EIDL Loan. In connection therewith, the BB also received a $10,000 grant, which does not have to be repaid.

 

In connection therewith, the BB executed (i) a loan for the benefit of the SBA, which contains customary events of default and (ii) a security agreement, granting the SBA a security interest in all tangible and intangible personal property of the BB, which also contains customary events of default.

 

As of September 30, 2023 and December 31, 2022, the balance of the loan is $143,037 and $150,000, respectively

 

July 15, 2020 – $150,000 – Global JJ Group, Inc.

 

On July 15, 2020, Global JJ Group, Inc. (the “JJ”) executed the standard loan documents required for securing an EIDL loan (the “JJ EIDL Loan”) from the SBA in light of the impact of the COVID-19 pandemic on the JJ’s business.

 

Pursuant to that certain Loan Authorization and Agreement, the JJ borrowed an aggregate principal amount of the JJ EIDL Loan of $150,000, with proceeds to be used for working capital purposes. Interest accrues at the rate of 3.75% per annum and will accrue only on funds actually advanced from the date of each advance. Installment payments, including principal and interest, are due monthly since May 14, 2021 (twelve months from the date of the JJ EIDL Loan) in the amount of $731. The balance of principal and interest is payable thirty years from the date of the JJ EIDL Loan.

 

As of September 30, 2023 and December 31, 2022, the balance of the loan is $142,578 and $150,000, respectively.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS