On December 23, 2014, MYR2,300,000 (approximately $657,507) term loan was granted to the Company for the purchase of a four-story office with a repayment period of 240 months.

The term loan was secured by the title deed for the said property and guaranteed by directors of the Company. The term loan is subject to an interest charges at 2.10% per annum below the Bank’s Base Lending Rate (“BLR”) with daily rests. The BLR is currently at 5.45% for March 31, 2021.

On July 27, 2015, the Company made a drawdown of MYR2,300,000 (approx. $609,554) on the term loan. The repayment started effectively on September 1, 2015 with a fixed installment of MYR14,863.14 (approx. $3,561) for 240 installments.

The outstanding balance of the term loan is $332,943, of which $32,928 is due within one year and classified as short term, and $300,015 is due after one year, and has classified as long term.

Interest expenses were $3,071 and $6,111 for the three months ended March 31, 2021 and 2020, respectively.

	March 31,		December 31,
	2021		2020
Repayable within 1 year.	$	32,928	$	32,058
Repayable within 2 year		34,031		33,132
Repayable within 3 year		35,172		34,242
Repayable within 4 year		36,350		35,389
Repayable within 5 year		37,568		36,575
Repayable after 5 year		156,894		204,070
Total Due from		332,943		375,466