NOTE 5 – LOANS FROM THIRD PARTIES

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

NOTE 5 – LOANS FROM THIRD PARTIES

NOTE 5 – LOANS FROM THIRD PARTIES

The Company’s loans from third parties consisted of the following as of June 30, 2023 and December 31, 2022:

	June 30, 2023			December 31, 2022
Loan from a third-party lender; the loan bears a fixed interest at $500 per annum and due on demand	$	—		$	12,250
Loan from a third-party lender; unsecure, bearing an interest rate of 0.5% per annum, and due in one year		82,744			—
Loan from two third-party lenders; unsecure, non-interest-bearing, and due on December 30, 2023		31,718			—
Total loans		114,462			12,250
Less: current portion		(114,462	)		(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 matured on December 31, 2022 and immediately became due on demand. 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 December 31, 2022, the outstanding balance of the borrowing was $12,250, and the interest payable was $1,800, respectively.  During the three months ended March 31, 2023, the loan and interest payable in the total amount of $14,050 was repaid by the wife of the President, on behalf of the Company (Note 8). Total interest expenses for the loan were $nil and $125, respectively, for the three months ended June 30, 2023 and 2022. Total interest expenses for the loan were $nil and $250, respectively, for the six months ended June 30, 2023 and 2022. 

During the three months ended March 31, 2023, the Company borrowed $46,776 (RMB 320,000) from two third-party individuals. The loans are unsecure, non-interest-bearing, and due on December 30, 2023. During the three months ended June 30, 2023, the Company made repayment of $12,990 (RMB 90,000) to one individual. As of June 30, 2023, the total amount owed to the two third parties is $31,718, with a difference of $2,068 due to foreign exchange fluctuation.

During the three months ended March 31, 2023, the Company borrowed $87,705 (RMB 600,000) from a third-party individual. The loans are unsecure, bearing an interest rate of 0.5% per annum, and due in one year. As of June 30, 2023, the total amount owed to the third parties is $82,744, with a difference of $4,961 due to foreign exchange fluctuation. During the three and six months ended June 30, 2023, the Company accrued interest expense of $107 and $485, respectively.