Short-Term Loan

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Short-Term Loan

NOTE 7 - Short-Term Loan

Line of Credit

On June 18, 2019, the Company signed a line of credit agreement in the amount of $785,000 with Bank of America. The line of credit matures on June 18, 2024 and bears interest at a rate of 8.11% per annum.

As of March 31, 2024 and December 31, 2023, the outstanding balance under the Bank of America line of credit was $-0- and $-0-, respectively. Also, the Company had accrued interest expense of $27,996 as of March 31, 2024 that is due on June 18, 2024. Accrued interest expense has been recorded in the accrued expenses on the balance sheet.

On August 18, 2022, Flywheel entered into a line of credit agreement in the amount of $6,940,063 with Taishin International Bank. The line of credit initially matured on August 30, 2023.

On August 11, 2023, the term of the loan was extended for an additional year, revising the maturity date to August 30, 2024. The line of credit bears interest at a rate of 3.2% per annum.

As of March 31, 2024 and December 31, 2023, the outstanding balance under the Taishin International Bank line of credit was $625,978 and $652,422, respectively. On March 31, 2024, the Company accrued interest expense of $1,646.

HOUR LOOP, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS