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Short-Term Loan Payable
12 Months Ended
Dec. 31, 2023
Short-Term Loan Payable [Abstract]  
SHORT-TERM LOAN PAYABLE

NOTE 7: SHORT-TERM LOAN PAYABLE

 

In July 2022, the Company entered into a short-term loan from a third-party in the amount of $1,669,000. The loan originally matured in July 2023 and bore interest at 7.99% per annum, with monthly payments of both interest and principal. In February 2023, the Company entered into an amended short-term loan in the amount of $1,127,000 (“February Note”). As part of this new short-term loan, the Company received an additional funding of $412,589. The loan matured in November 2023 and bore annual interest at 9.49%, with monthly payments due for both interest and principal. Subsequently in May 2023, the Company entered into a new short-term loan in the amount of $1,254,000 (“May Note”), part of which was used to pay off the February Note in full. Net proceeds from the May Note amounted to $309,449. The May Note matured in February 2024 and bore annual interest at 9.49%, with monthly payments of both interest and principal. The principal balance payable on short-term loan was $288,588 and $973,583 at December 31, 2023 and 2022, respectively. The Company recorded interest expense of $95,015 and $57,817 on short-term loan payable for the years ended December 31, 2023 and 2022, respectively.