XML 36 R22.htm IDEA: XBRL DOCUMENT

DUE TO FIRST INSURANCE FUNDING	12 Months Ended
Dec. 31, 2022
Due To First Insurance Funding
DUE TO FIRST INSURANCE FUNDING	NOTE－ 15 DUE TO FIRST INSURANCE FUNDING On October 7, 2021, the Company purchased the Directors and Officers (D&O) insurance at a premium fee of $990,000 for a term of 12 months. Also, the Company entered a loan agreement with First Insurance Funding to finance 75% of the total premium, to repay the premium of $990,000. The Company paid the down-payment of $247,500 (25%) and remaining balance $742,500 (75%) to be repaid by 10 installments until August 7, 2022. There was no outstanding loan balance on this loan as of December 31, 2022, and the balance as of December 31, 2021 was $596,047. For the years ended December 31, 2022 and 2021, the Company recognized the amortization of interest expense of $7,770 and $5,023, respectively. During the years ended December 31, 2022 the Company has repaid the installments for $373,653 and the balance outstanding remained $0 as at December 31, 2022. During the year ended December 31, 2021 the Company has repaid the installments for $151,476 and the balance outstanding remained $596,047 as at December 31, 2021.

DUE TO FIRST INSURANCE FUNDING

12 Months Ended

Dec. 31, 2022

NOTE－ 15 DUE TO FIRST INSURANCE FUNDING

On October 7, 2021, the Company purchased the Directors and Officers (D&O) insurance at a premium fee of $990,000 for a term of 12 months. Also, the Company entered a loan agreement with First Insurance Funding to finance 75% of the total premium, to repay the premium of $990,000. The Company paid the down-payment of $247,500 (25%) and remaining balance $742,500 (75%) to be repaid by 10 installments until August 7, 2022. There was no outstanding loan balance on this loan as of December 31, 2022, and the balance as of December 31, 2021 was $596,047.

For the years ended December 31, 2022 and 2021, the Company recognized the amortization of interest expense of $7,770 and $5,023, respectively.

During the years ended December 31, 2022 the Company has repaid the installments for $373,653 and the balance outstanding remained $0 as at December 31, 2022.

During the year ended December 31, 2021 the Company has repaid the installments for $151,476 and the balance outstanding remained $596,047 as at December 31, 2021.