v3.25.1
Loans Payable
 3 Months Ended
Mar. 31, 2025
Loans Payable [Abstract]  
LOANS PAYABLE

NOTE 7 - LOANS PAYABLE

 

Loans Payable

 

The following table summarizes the activity of loans payable during the three months ended March 31, 2025:

 

   Principal
balance at
December 31,
2024		   Principal
additions		   Principal
repayments
in cash		   Effects
of foreign
exchange
rates		   Principal
balance at
March 31,
2025		 
Bounce Back Loan Scheme  $19,602   $
            -
   $(3,321)  $632   $16,913 
First Insurance - 2024   584    
-
    
-
    
-
    584 
Other loans payable   134,319    
-
    
-
    
-
    134,319 
Total loans payable  $154,505   $
-
   $(3,321)  $632   $151,816 
Less: loans payable – current portion   147,889                   148,391 
Loans payable – noncurrent portion  $6,616                  $3,425 

 

For the three months ended March 31, 2025 and 2024, the Company recognized interest expense associated with loans payable of $2,539 and $16,449, respectively. As of March 31, 2025 and December 31, 2024, the Company had accrued interest associated with loans payable of $61,479 and $58,940, respectively.