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BANK NOTES PAYABLES | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
BANK NOTES PAYABLES | 6. BANK NOTES PAYABLES SCHEDULE OF BANK NOTES PAYABLE
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
November 27, 2018 ($780,000) - JJ |  | $ | 301,723 |  |  | $ | 331,022 |
September 14, 2021 ($197,000) - CC |  |  | 160,965 |  |  |  | 164,418 |
April 22, 2022 ($195,000) - Cerritos |  |  | 171,236 |  |  |  | 174,492 |
May 22, 2023 ($138,000) - BB |  |  | 116,235 |  |  |  | 121,951 |
May 22, 2023 ($196,000) - CC |  |  | 165,052 |  |  |  | 173,169 |
May 22, 2023 ($178,000) - DD |  |  | 150,889 |  |  |  | 158,309 |
September 13, 2023 ($150,000) - Garden Grove |  |  | 135,352 |  |  |  | 141,484 |
September 13, 2023 ($150,000) - Laguna |  |  | 135,352 |  |  |  | 141,484 |
March 22, 2024 ($150,000) - YM |  |  | 150,000 |  |  |  | - |
March 22, 2024 ($150,000) - YCT |  |  | 150,000 |  |  |  | - |
January 30, 2024 ($500,000) - Yoshiharu |  |  | 500,000 |  |  |  | - |
Total bank notes payables |  |  | 2,136,804 |  |  |  | 1,406,329 |
Less - current portion |  |  | (685,978 | ) |  |  | (414,378 | )
Total bank notes payables, less current portion |  | $ | 1,450,826 |  |  | $ | 991,951 |
The following table provides future minimum payments as of March 31, 2024: SCHEDULE OF FUTURE MINIMUM PAYMENTS
For the years ended |  | Amount |
2024 (remaining nine months) |  | $ | 685,978 |
2025 |  |  | 539,638 |
2026 |  |  | 242,225 |
2027 |  |  | 242,225 |
2028 |  |  | 150,173 |
Thereafter |  |  | 276,565 |
Total |  | $ | 2,136,804 |
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 March 31, 2024 and December 31, 2023, the balance of the loan is $301,723 and $331,022, 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. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 6. BANK NOTES PAYABLES (Continued) 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 March 31, 2024 and December 31, 2023, the balance of the loan is $160,965 and $164,418, 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 $2,575.46 per month which includes principal and interest with an interest rate of 10.50%. The balance of principal and interest is payable on September 14, 2031. 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 March 31, 2024 and December 31, 2023, the balance of the loan is $171,236 and $174,492, 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 $2,599.50 per month which includes principal and interest with an initial interest rate of 10.50%. 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 March 31, 2024 and December 31, 2023, the balance of the loan is $116,235 and $121,951, 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 $2,892.36 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 March 31, 2024 and December 31, 2023, the balance of the loan is $165,052 and $173,169, 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 $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 March 31, 2024 and December 31, 2023, the balance of the loan is $150,889 and $158,309, 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 $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. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 6. BANK NOTES PAYABLES (Continued) 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 March 31, 2024 and December 31, 2023, the balance of the loan is $135,352 and $141,484, 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 $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 March 31, 2024 and December 31, 2023, the balance of the loan is $135,352 and $141,484, 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 $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. March 22, 2024– $150,000 – Yoshiharu Menifee On March,22, 2024, Yoshiharu Menifee (the “YM”) 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 March 31, 2024 and December 31, 2023, the balance of the loan is $150,000 and $0, 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 $3,150.28 per month which includes principal and interest with an initial interest rate of 9.50%. The balance of principal and interest is payable on March 22, 2029. March 22, 2024– $150,000 – Yoshiharu San Clemente On March,22, 2024, Yoshiharu San Clemente (the “YCT”) 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 March 31, 2024 and December 31, 2023, the balance of the loan is $150,000 and $0, 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 $3,150.28 per month which includes principal and interest with an initial interest rate of 9.50%. The balance of principal and interest is payable on March 22, 2029. January 30, 2024– $500,000 – Yoshiharu On January 30, 2024, Yoshiharu Global Co. (the “Yoshiharu”) executed the standard loan documents required for securing a loan of $500,000 from a commercial bank, with proceeds to be used for working capital purposes. As of March 31, 2024 and December 31, 2023, the balance of the loan is $500,000 and $0, 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 $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

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