NOTE 6 – COMMERCIAL LOANS

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

NOTE 6 – COMMERCIAL LOANS

NOTE 6 – COMMERCIAL LOANS

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

	September 30, 2022			December 31, 2021
Loan with a third-party lender; the loan bears a fixed interest at $500 per annum and matures on December 31, 2022	$	12,250		$	12,250
Loan with a third-party lender; unsecure, non-interest-bearing, and due on demand		196,809			—
Total loans		209,059			12,250
Less: current portion		(209,059	)		(12,250	)
Total non-current portion	$	—		$	—

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 September 30, 2022 and December 31, 2021, the outstanding balances of the borrowing were $12,250 and $12,250, and the interest payables were $1,675 and $1,300, respectively.  Total interest expenses for the loan were $125 and $125, respectively, for the three months ended September 30, 2022 and 2021. Total interest expenses for the loan were $375 and $375, respectively, for the nine months ended September 30, 2022 and 2021.

On September 30, 2022, Hangzhou Longwen borrowed a total of $267,097 (RMB1,900,000) from a third party for a potential business property acquisition. However, the transaction was terminated, Hangzhou Longwen repaid $70,288 (RMB 500,000) to the third party on September 30, 2022 and the remaining balance of 196,809 (RMB 1,400,000) on October 2022. The borrowing is non-interest-bearing, unsecured and due on demand.