CONVERTIBLE NOTES, PROMISSORY NOTES AND LOANS |
3 Months Ended |
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Mar. 31, 2024 | |
| Debt Disclosure [Abstract] | |
| CONVERTIBLE NOTES, PROMISSORY NOTES AND LOANS | NOTE 7 – CONVERTIBLE NOTES, PROMISSORY NOTES AND LOANS
During the three months ended March 31, 2024, the Company issued five convertible notes with aggregate amount of $365,000 and will mature in 24 months.
As of March 31, 2024, the Company had eight outstanding loans with an aggregate value of $945,000. Each of these loans is repayable in one year and pays 10% interest annually in arrears. The Company contracted a further two loans during the three months ending March 31, 2024, with an aggregate value of $20,000. Each of these loans is repayable in one year and pays 10% interest annually at maturity.
During the three months ended March 31, 2024, the Company recognized interest expense on its loans and convertible notes of $36,827, as compared to $21,320 for the same period ended March 31, 2023.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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