| LOANS PAYABLE TO FINANCIAL INSTITUTIONS |
10.
LOANS PAYABLE TO FINANCIAL INSTITUTIONS
Loans
payable to financial institutions consist of the following:
SCHEDULE OF LOANS PAYABLE FINANCIAL INSTITUTIONS
| | |
December
31,
2024 | | |
December
31,
2023 | |
| | |
| | |
| |
| November 17, 2023 ($76,400)
– AA Loan agreement with principal amount of $76,400 and repayment rate of 44.17% for a total of $93,972. The loan payable
matures on November 11, 2024 | |
| - | | |
| 65,896 | |
| November 17, 2023 ($115,600) - BB Loan agreement
with principal amount of $115,600 and repayment rate of 43.01% for a total of $142,188. The loan payable matures on November 11,
2024 | |
| - | | |
| 101,649 | |
| November 21, 2023 ($91,000) - CC (CO) Loan
agreement with principal amount of $91,000 and repayment rate of 46.27% for a total of $113,750. The loan payable matures on November
15, 2024 | |
| 34,282 | | |
| 85,080 | |
| November 30, 2023 ($132,100) - CC (EV) Loan
agreement with principal amount of $132,100 and repayment rate of 43.39% for a total of $162,483. The loan payable matures on November
24, 2024 | |
| - | | |
| 123,276 | |
| November 20, 2023 ($89,400) - JJ (BP) Loan
agreement with principal amount of $89,400 and repayment rate of 44.54% for a total of $110,856. The loan payable matures on November
14, 2024 | |
| - | | |
| 81,299 | |
| November 20, 2023 ($90,900)
- JJ (OR) Loan agreement with principal amount of $90,900 and repayment rate of 43.99% for a total of $111,807. The loan payable
matures on November 14, 2024 | |
| - | | |
| 77,039 | |
| Total loan payable | |
$ | 34,282 | | |
$ | 534,239 | |
Total
interest expense was $52,103.41 and $26,227for the years ended December 31, 2024 and 2023, respectively, related to loans payable to
financial institution.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
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