General and Administrative Expenses

9 Months Ended

Sep. 30, 2023

General And Administrative Expenses

General and Administrative Expenses

NOTE 13 - General and Administrative Expenses

General and administrative expenses were comprised of the following for the three and nine months ended September 30, 2023 and 2022, respectively:

	For the three months ended September 30,				For the nine months ended September 30,
	2023		2022		2023		2022
Payroll	$	1,027,773	$	1,047,209	$	3,349,689	$	3,184,150
Legal and professional fees		137,521		113,640		425,616		684,604
Insurance expense		130,831		173,915		408,662		432,003
Storage & rental fees		105,623		131,373		325,899		318,032
Sales taxes		3,133		8,218		24,184		233,660
Outside services		71,865		60,939		177,241		193,859
Annual franchise tax		18,000		-		104,194		49,870
Pension		44,326		59,130		132,605		132,807
Office expense		3,731		15,601		8,646		67,785
Software subscriptions expense		46,294		13,773		137,777		57,945
Manpower recruitment advertising expense		-		8,346		-		47,375
Meals and entertainment expense		475		6,628		863		25,622
Other general and administrative expenses		92,670		101,655		258,027		264,321
Total	$	1,682,242	$	1,740,427	$	5,353,403	$	5,692,033

For the nine months ended September 30, 2023 and 2022, the Company had $132,605 and $132,807, respectively, for pension expenses, which is a retirement benefit required by the Labor Standards Act in Taiwan, which mandates employers to provide retirement benefits to their employees.

HOUR LOOP, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS