Federal Relief Loans

9 Months Ended

Sep. 30, 2023

Federal Relief Loans [Abstract]

FEDERAL RELIEF LOANS

11 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 $2,864 and interest of $3,715 as of September 30, 2023. The loan balance outstanding as of September 30, 2023, consists of principal of $147,136 and accrued interest thereon of $14,432, of which $3,295 is disclosed as current.