Short-Term Loan

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Short-Term Loan

NOTE 7 - Short-Term Loan

Line of Credit

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 line of credit was extended for an additional year, revising the maturity date to August 30, 2024.

On May 28, 2024, the term of the loan was revised such that maturity date was extended to November 24, 2024. The line of credit bears interest at a rate of 3.33% per annum.

As of June 30, 2024 and December 31, 2023, the outstanding balance under the Taishin International Bank line of credit was $617,284 and $652,422, respectively.