Federal Relief Loans

9 Months Ended

Sep. 30, 2024

Federal Relief Loans [Abstract]

FEDERAL RELIEF LOANS

10 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 proceeds are to be used for working capital purposes to alleviate economic injury caused by the COVID-19 pandemic.

The company has accrued interest of $7,670 and $9,369 on this loan as of September 30, 2024 and December 31, 2023, respectively.