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BANK NOTES PAYABLES
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
BANK NOTES PAYABLES

6. BANK NOTES PAYABLES

 

   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:

 

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