Loans Payable

3 Months Ended

Mar. 31, 2023

Loans Payable [Abstract]

LOANS PAYABLE

NOTE 7 - LOANS PAYABLE

Loans Payable

The following table summarizes the activity of loans payable during the quarter ended March 31, 2023:

	Principal balance at December 31, 2022		Principal repaid in cash			Effect of foreign exchange rates		Principal balance at March 31, 2023
Bounce Back Loan	$	43,129	$	(3,018	)	$	881	$	40,992
First Insurance - 2022		1,060,890		(466,792	)		-		594,098
Other loans payable		235,686		-			158		235,844
Total loans payable	$	1,339,705	$	(469,810	)	$	1,039	$	870,934
Less: loans payable – current portion		1,308,516							842,202
Loans payable – noncurrent portion	$	31,189						$	28,732

During the three months ended March 31, 2023, the Company paid $466,792 and $3,018 in partial satisfaction of the First Assurance Funding loan and the Bounce Back Loan Scheme, respectively.

Interest Expense on Loans Payable

For the three months ended March 31, 2023 and 2022, the Company recognized interest expense associated with loans payable of $11,556 and $7,414, respectively, and interest income — related parties associated with loans payable of $0 and $4,562, respectively.

As of March 31, 2023, the Company had accrued interest and accrued income — related parties associated with loans payable of $56,457 and $1,227, respectively. As of December 31, 2022, the Company had accrued interest and accrued interest — related parties associated with loans payable of $36,422 and $16,770, respectively. See Note 10 — Related Parties for additional details.