INSURANCE PREMIUM FINANCING

9 Months Ended

Sep. 30, 2024

Insurance [Abstract]

INSURANCE PREMIUM FINANCING

NOTE 13 – INSURANCE PREMIUM FINANCING

In January 2024, the Company entered into an insurance premium financing agreement with BankDirect Capital Finance for $172,689 at an annual interest rate of 13.9% for eleven months from February 1, 2024, payable in eleven monthly installments of principal and interest.

In January 2023, the Company entered into an insurance premium financing agreement with BankDirect Capital Finance for $389,035 at an annual interest rate of 16.04% for ten months from February 1, 2023, payable in ten monthly installments of principal and interest.

As of September 30, 2024 and December 31, 2023, the balances of the insurance premium financing were $65,392 and nil, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded $10,380 and $25,988, respectively, in interest expenses related to the insurance premium financing.