SBA LOAN PAYABLE

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

SBA LOAN PAYABLE

NOTE－ 11 SBA LOAN PAYABLE

On June 23, 2020, Vivic Corp. received an $87,500 Economic Injury Disaster Loan (“EIDL loan”) from the Small Business Administration (“SBA”). This is a low-interest federal disaster loan for working capital to small businesses and non-profit organizations of any size suffering substantial economic injury as a result of the Coronavirus (COVID-19) epidemic, to help businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. This loan has an annual interest rate of 3.75% and is not forgivable. The maturity of the loan is 30 years, installment payments including principal and interest of $427 monthly will begin 30 months from the loan disbursement date. Due to the fact that the loan repayment was deferred for 30 months, the payments are going 100% toward the interest since the interest started to accrue from the original disbursement date. For the three months ended September 30, 2023 and 2022, the Company made payments of interest of $1,281 and $0, respectively. For the nine months ended September 30, 2023 and 2022, the Company made payments of interest of $3,843 and $0 on the EIDL loan, respectively.

As of September 30, 2023, the future minimum EIDL loan payments for the Company to be paid by year are as follows:

Year Ending September 30,	Amount
2024	$	5,124
2025		5,124
2026		5,124
2027		5,124
2028		5,124
Thereafter		61,880
Total	$	87,500