v3.25.2
Loans Payable
 6 Months Ended
Jun. 30, 2025
Loans Payable [Abstract]  
LOANS PAYABLE

NOTE 7 - LOANS PAYABLE

 

Loans Payable

 

The following table summarizes the activity of loans payable during the six months ended June 30, 2025:  

 

   Principal
balance at
December 31,
2024		   Principal
additions		   Principal
repayments
in cash		   Other   Effects
of foreign
exchange
rates		   Principal
balance at
June 30,
2025		 
Bounce Back Loan Scheme  $19,602   $
-
   $(7,079)  $
-
   $1,903   $14,426 
First Insurance - 2024   584    
-
     -    (584)   
-
    
-
 
First Insurance - 2025   
-
    613,700    
-
    
-
    
-
    613,700 
Other loans payable   134,319    
-
    
-
    
-
    
-
    134,319 
Total loans payable  $154,505   $
-
   $(7,079)  $(584)  $1,903   $762,445 
Less: loans payable – current portion   147,889                        762,445 
Loans payable – noncurrent portion  $6,616                       $
-
 

 

For the three months ended June 30, 2025 and 2024, the Company recognized interest expense associated with loans payable of $2,672 and $11,360, respectively. For the six months ended June 30, 2025 and 2024, the Company recognized interest expense associated with loans payable of $5,327 and $27,089, respectively. As of June 30, 2025 and December 31, 2024, the Company had accrued interest associated with loans payable of $64,053 and $58,940, respectively.