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ADVANCE RECEIVABLES
12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
ADVANCE RECEIVABLES

NOTE 12 – ADVANCE RECEIVABLES

 

During the fourth quarter 2023, the Company’s subsidiary advanced $1,631,768 into its subsidiary, Gold Transactions International’s joint venture gold program. The License Agreement held by Gold Transactions International gives them access to a network of private entities and asset managers, wherein various financial activities are engaged, including the buy/sell and trading of gold-based products. The advance is a long-term receivable with an expected term of 5 years. No interest will be accrued on the advance since revenues are expected to be received on a quarterly basis as part of the joint venture agreement. With the impairment of the license asset in full it was determined to record a bad debt of $1,631,768 or the full amount of the receivable even though some payments may be subsequently collected on the balance.