Federal Relief Loans

3 Months Ended

Mar. 31, 2023

Federal Relief Loans [Abstract]

FEDERAL RELIEF LOANS

7 FEDERAL RELIEF LOANS

Small Business Administration Disaster Relief loan

On July 7, 2020, the Company received a Small Business Economic Injury Disaster loan amounting to $150,000, bearing interest at 3.75% per annum and repayable in monthly installments of $731 commencing twelve months after inception with the balance of interest and principal repayable on July 7, 2050. The loan is secured by all tangible and intangible assets of the Company.

The Company has repaid an aggregate principal amount of $809 and interest of $1,384 as of March 31, 2023. The loan balance outstanding as of March 31, 2023, consists of principal of $149,191 and accrued interest thereon of $13,978, of which $3,217 is disclosed as current.