Financing arrangements-advances on future receipts

12 Months Ended

Dec. 31, 2022

Financing Arrangements [Abstract]

Financing arrangements-advances on future receipts [Text Block]

7. Financing arrangements-advances on future receipts

During 2022, the Company entered into various lending agreements whereby the Company received secured advances from unaffiliated third parties totaling $355,103 for the purchase of future receipts/revenues of $435,682, resulting in a debt discount of $80,579. In addition, the Company assumed a lending agreement with a net balance of $138,987 related to the acquisition of Guru (See Note 3). At December 31, 2022, the outstanding principal balance on these agreements is $463,066 of which $438,387 will be paid in 2023 and $24,679 will be paid in early 2024. The unamortized discount balance on the agreements is $74,694 at December 31, 2022.