LOANS PAYABLE

6 Months Ended

Jun. 30, 2022

Loans Payable

LOANS PAYABLE

10. LOANS PAYABLE

The Company’s loans payable are summarized below:

	June 30, 2022		December 31, 2021
EIDL	$	94,000	$	94,000
2018 Loan		168,736		223,356
Total loans payable		262,736		317,356
Less: current portion		170,255		223,356
Loans payable, non-current	$	92,481	$	94,000

During the six months ended June 30, 2022, the Company made principal payments in the amount of $55,235 on the 2018 Loan payable.

The Company incurred interest expense related to the loans payable in the amount of $2,986 and $6,378 during the three and six months ended June 30, 2022, respectively and incurred interest expense related to the loans payable in the amount of $11,687 and $17,655 during the three and six months ended June 30, 2021, respectively. As of June 30, 2022 and December 31, 2021, there is accrued interest of $8,549 and $6,787, respectively, related to the Company’s loans payable.