Government Assistance Notes Payable

3 Months Ended

Mar. 31, 2023

Government Assistance Notes Payable

Government Assistance Notes Payable

7. Government Assistance Notes Payable

Government Assistance Notes Payable consists of the following at March 31, 2023, and December 31, 2022:

	March 31,			December 31,
	2023			2022
Economic Injury/Disaster Loans	$	657,274		$	661,035
Accrued interest		45,615			45,541
Total principal and accrued interest		702,889			706,576
Less current portion		(39,876	)		(15,217	)
Non-current portion	$	663,013		$	691,359

Economic Injury Disaster Loans (EIDL):

On June 17, 2020, the Company received $150,000 of proceeds applicable to loans administered by the SBA as disaster loan assistance under the Covid-19 Economic Injury Disaster Loan (EIDL) Program. On July 14, 2021, the Company received an additional $350,000 of proceeds pursuant to the loan. On July 21, 2020, the Company received $150,000 of proceeds applicable to loans administered by the SBA as disaster loan assistance under the Covid-19 EIDL Program. On January 31, 2022, the Company assumed an additional $14,500 EIDL, and accrued interest of $900, as part of the consideration paid for the acquisition of GameIQ.

The loans bear interest at 3.75% per annum, with a combined repayment of principal and interest of $3,500 per month beginning 12 months from the date of the promissory note over a period of 30 years. As of March 31, 2023 and December 31, 2022, the note payable had a principal balance outstanding of $657,274 and $661,035 and accrued interest payable of $45,615 and $45,541 respectively.