LOANS PAYABLE

12 Months Ended

Dec. 31, 2022

LOANS PAYABLE

NOTE 18 — LOANS PAYABLE

As of December 31, 2022 and 2021, loans payable consisted of:

	As of December 31,
	2022		2021
Loans payable – current portion	$	334,391	$	65,415
Loans payable – non-current portion		428,025		85,858
	$	762,416	$	151,273

In September of 2019, the Company obtained lines of credit in the aggregate amount of S$400,000 (approximately $296,912 at the 2019 exchange rate) for working capital and business expansions requirements in Wealth Dynamics Pte Ltd, which the Company drew down on in full. Loans in the amount of S$100,000 (approximately $74,228 at the 2019 exchange rate) shall be repaid over 36 monthly installments including both principal and the respective accrued interest. Interest on such principal shall bear at a rate of 8% per annum plus a margin of 0.88%, subject to adjustment. The Company has the option to prepay the loan before its maturity date, subject to a fee of 6.88% if paid within twelve months from the drawdown date. Loans in the amount of S$300,000 (approximately $222,684 at the 2019 exchange rate) shall be repaid over 60 monthly installments including both principal and the respective accrued interest. Interest on such principal shall bear at a rate of 6.25% per annum, subject to adjustment. The loans are secured by personal guarantees of the Director. During the year ended December 31, 2022, the Company repaid an aggregate of S$98,589, approximately $72,492 at the 2022 exchange rate (2021 — S$91,063 approximately $67,220 at the 2021 exchange rate) of principal plus the respective accrued interest.

Education Angels has obtained line of credit for working capital requirement in 2020, 2021 and 2022. The loans are secured by the guarantees of the Director and do not have covenant clauses. The outstanding principal as of December 31, 2022 is as follows:

Loan Type	Start Date		Loan Amount		Tenure		Interest Rate			Outstanding as of December 31, 2022
IRD Loan		2020	$	20,063		60 Months		3.25	%	$	16,900
Juke NWN765		2021	$	19,679		36 Months		1.30	%	$	12,254
Qashqai NWN767		2021	$	22,258		36 Months		1.20	%	$	13,886
Qashqai NWN766		2022	$	22,258		36 Months		1.20	%	$	14,475

Mastermind Principles and Property Investors Network has obtained line of credit for the working capital requirement in 2020 and 2022. The loans are secured by the guarantees of the Director and do not have covenant clauses. The outstanding principal amount as of December 31, 2022 is as follows –

Loan Type	Start Date		Loan Amount		Tenure		Interest Rate			Outstanding as of December 31, 2022
Lloyds CBIL (MPL)		2020	$	239,540		60 Months		2.80	%	$	167,678
Funding Circle Loan (MPL)		2022	$	380,804		48 Months		9.30	%	$	305,787
The Funding Circle (PIN)		2022	$	116,054		48 Months		9.30	%	$	93,193
Lloyds Bounceback Loan		2022	$	51,378		72 Months		2.50	%	$	41,335

Annual estimated total principal repayments are $361,019 in 2023, $237,970 in 2024, $146,893 in 2025, $8,267 in 2026 and $8,267 in 2027.