Government Assistance Notes Payable -SBA Loans

6 Months Ended

Jun. 30, 2023

Government Assistance Notes Payable -sba Loans

Government Assistance Notes Payable -SBA Loans

6. Government Assistance Notes Payable -SBA Loans

Government Assistance Notes Payable-SBA Loans consists of the following at June 30, 2023, and December 31, 2022:

	June 30,			December 31,
	2023			2022
Economic Injury/Disaster Loans	$	661,035		$	661,035
Accrued interest		38,098			45,541
Total principal and accrued interest		699,133			706,576
Less current portion		(39,876	)		(15,217	)
Non-current portion	$	659,257		$	691,359

Economic Injury Disaster Loans (EIDL):

In 2020 and 2021, the Company received an aggregate of $650,000 of proceeds applicable to two loans administered by the Small Business Administration (“SBA”) as disaster loan assistance under the Covid-19 Economic Injury Disaster Loan (EIDL) Program. On January 31, 2022, the Company assumed an additional $14,500 EIDL, and accrued interest of $900, as part of the consideration paid for the acquisition of GameIQ.

The loans bear interest at 3.75% per annum, with a combined repayment of principal and interest of $3,500 per month over a period of 30 years. As of June 30, 2023 and December 31, 2022, the note payable had a principal balance outstanding of $661,035 and $661,035 and accrued interest payable of $38,098 and $45,541 respectively.