FEDERALLY GUARANTEED LOAN	3 Months Ended
Jun. 30, 2023
Federally Guaranteed Loan
FEDERALLY GUARANTEED LOAN	7. FEDERALLY GUARANTEED LOAN Economic Injury Disaster Loan (“EIDL”) In April 2020, the Company received $370,900 from the U.S. Small Business Administration (SBA) under the captioned program. The loan has a term of 30 years and an interest rate of 3.75% per annum, without the requirement for payment in its first 12 months. The Company may prepay the loan without penalty at will. In May 2021, the Company received an additional $499,900 from the SBA under the same terms. As of June 30, 2023, the Company recorded accrued interest of $62,716 for the EIDL loan (March 31, 2023: $65,247). Interest expense on the above loan was $8,141 and $52,374 for the three months ended June 30, 2023 and 2022, respectively.

FEDERALLY GUARANTEED LOAN

3 Months Ended

Jun. 30, 2023

7. FEDERALLY GUARANTEED LOAN

Economic Injury Disaster Loan (“EIDL”)

In April 2020, the Company received $370,900 from the U.S. Small Business Administration (SBA) under the captioned program. The loan has a term of 30 years and an interest rate of 3.75% per annum, without the requirement for payment in its first 12 months. The Company may prepay the loan without penalty at will.

In May 2021, the Company received an additional $499,900 from the SBA under the same terms.

As of June 30, 2023, the Company recorded accrued interest of $62,716 for the EIDL loan (March 31, 2023: $65,247).

Interest expense on the above loan was $8,141 and $52,374 for the three months ended June 30, 2023 and 2022, respectively.