| SHORT-TERM LOAN RECEIVABLES |
NOTE 3 — SHORT-TERM
LOAN RECEIVABLES
The following table summarizes information with
regard to short-term loan receivables outstanding as of June 30, 2025 and December 31, 2024, and the interest income from short-term loan
receivables is $0 and $0 for the three months ended June 30, 2025 and June 30, 2024.
| | |
Interest
Rate | | |
June 30,
2025 | | |
December 31,
2024 | |
| LA PRIMERA CAPITAL INVESTMENTS | |
| 0 | % | |
$ | 30,000 | | |
$ | 30,000 | |
| AMERIDGE CORPORATION | |
| 0 .1 | % | |
| 11,000 | | |
| 11,000 | |
| HANRYU BANK CO.LTD | |
| 0 | % | |
| 14,721,901 | | |
| 14,721,901 | |
| FNS CO.LTD | |
| 0 | % | |
| 250,332 | | |
| 250,332 | |
| Due to exchange rate fluctuations | |
| | | |
| 1,257,374 | | |
| 1,166,928 | |
| Sub Total | |
| | | |
| 16,270,607 | | |
| 16,180,161 | |
| (-)Allowance for credit losses | |
| | | |
| (16,270,241 | ) | |
| (16,179,823 | ) |
| Total short-term loans | |
| | | |
$ | 366 | | |
$ | 338 | |
| * | For the fiscal year ended December 31, 2024, the Company wrote off short-term loan receivables in the amount of $16,179,823, based on the fact that more than six months had passed since the loan due dates and after assessing the recoverability of the amounts. Hanryu Bank Co. Ltd. and FNS Co. Ltd. were excluded from the consolidated subsidiaries as of 2024 due to the sale of all their shares. |
| * |
Allowance for credit losses related to short-term loan receivables denominated in foreign currencies was recognized. The bad debt expense presented in the statement of operations was translated using the average exchange rate, while the allowance balance in the balance sheet was translated using the closing exchange rate. The difference between these amounts arises from exchange rate fluctuations and does not represent an actual change in the amount of credit loss or additional provision. |
|