Loans

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Loans

Note 10 – Loans

Paycheck Protection Program

On March 2, 2021, Perfecular Inc. entered into an agreement to receive a U.S. Small Business Administration Loan (“SBA Loan”) from Wells Fargo related to the COVID-19 pandemic in the amount of $158,547, which we received on March 3, 2021. The SBA Loan has a fixed interest rate of 1 percent per annum and a maturity date two years from the date loan was issued. The balance of principal and interest were $158,547 and $1,570, respectively, due as of March 31, 2022. There were no principal and interest due as of March 31, 2022. 

	March 31, 2022			December 31, 2021
SBA Loan	$	158,547		$	158,547
Less: current portion		(158,547	)		(132,618	)
Long term portion	$	–		$	25,929

Interest expense incurred from the loans amounted to $288 and $132 for the three months ended March 31, 2022 and 2021, respectively.