NOTE 6 – COMMERCIAL LOAN

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

NOTE 6 – COMMERCIAL LOAN

NOTE 6 – COMMERCIAL LOAN

The Company’s commercial loan consisted of the following as of June 30, 2022 and December 31, 2021:

	June 30, 2022			December 31, 2021
Loan with a third-party lender; the loan bears a fixed interest at $500 annum and matures on December 31, 2022	$	12,250		$	12,250
Total loans		12,250			12,250
Less: current portion of long-term loans		(12,250	)		(12,250	)
Total long-term loans	$	—		$	—

On December 31, 2019, the Company entered into a loan agreement of $12,250 with a third-party individual with three-year term. The borrowing bears interest of $300 at the effective date of the contract and fixed rate at $500 per annum, which matures on December 31, 2022. The loan will be paid off in a single payment of the outstanding balance of principal and accrued interest on or before the expiration date of the loan agreement.

As of June 30, 2022 and December 31, 2021, the outstanding balances of the borrowing were $12,250 and $12,250, and the interest payables were $1,550 and $1,300, respectively.  Total interest expenses for the loan were $125 and $125, respectively, for the three months ended June 30, 2022 and 2021. Total interest expenses for the loan were $250 and $250, respectively, for the six months ended June 30, 2022 and 2021.