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LOAN PAYABLES, EIDL
 3 Months Ended
Mar. 31, 2024
Loan Payables Eidl  
LOAN PAYABLES, EIDL

7. LOAN PAYABLES, EIDL

 

   March 31,   December 31, 
   2024   2023 
         
June 13, 2020 ($150,000 - EIDL ) - AA  $141,237  $142,104 
June 13, 2020 ($150,000 - EIDL ) - BB   141,252    142,119 
July 15, 2020 ($150,000 - EIDL) - JJ   140,771    141,642 
           
Total loans payables, EIDL   423,260    425,865 
           
Less - current portion   (7,931)   (10,536)
           
Total loans payables, EIDL, less current portion  $415,329   $415,329 

 

The following table provides future minimum payments as of March 31, 2024:

 

For the years ended  Amount 
2024 (remaining nine months)  $7,931 
2025   10,928 
2026   11,345 
2027   11,777 
2028   12,227 
Thereafter   369,052 
      
Total  $423,260 

 

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.

 

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.

 

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.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS