TERM LOAN

6 Months Ended

Jun. 30, 2021

TERM LOAN

9. TERM LOAN

9. TERM LOAN

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 June 30, 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 $322,649, of which $45,994 is due within one year and classified as short term, and $276,655 is due after one year, and has classified as long term.

Interest expenses were $5,889 and $12,138 for the six months ended June 30, 2021 and 2020, respectively.

	June 30,		December 31,
	2021		2020
Repayable within 1 year	$	45,994	$	32,058
Repayable within 2 year		31,950		33,132
Repayable within 3 year		33,021		34,242
Repayable within 4 year		34,127		35,389
Repayable within 5 year		35,271		36,575
Repayable after 5 year		175,797		204,070
Total Due from		356,160		375,466