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BANK NOTES PAYABLES
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
BANK NOTES PAYABLES

8. BANK NOTES PAYABLES

 

   September 30,   December 31, 
   2024   2023 
         
November 27, 2018 ($780,000) – JJ  $240,944   $331,022 
September 14, 2021 ($197,000) – CC   162,612    164,418 
April 22, 2022 ($195,000) – Cerritos   172,468    174,492 
May 22, 2023 ($138,000) – BB   104,430    121,951 
May 22, 2023 ($196,000) – CC   148,289    173,169 
May 22, 2023 ($178,000) – DD   135,564    158,309 
September 13, 2023 ($150,000) – Garden Grove   122,705    141,484 
September 13, 2023 ($150,000) – Laguna   122,705    141,484 
March 22, 2024 ($150,000) – YM   137,872    - 
March 22, 2024 ($150,000) – YCT   137,872    - 
January 30, 2024 ($500,000) – Yoshiharu   650,000    - 
June 4, 2024 ($900,000) – YLV   865,151    - 
           
Total bank notes payables   3,000,612    1,406,329 
           
Less - current portion   (169,814)   (414,378)
Total bank notes payables, less current portion  $2,830,798   $991,951 

 

The following table provides future minimum payments as of September 30, 2024:

  

For the years ended  Amount 
2024 (remaining nine months)  $169,814 
2025   1,284,077 
2026   450,359 
2027   450,359 
2028   355,656 
Thereafter   290,347 
      
Total  $3,000,612 

 

November 27, 2018 – $780,000 – Global JJ Group, Inc.

 

On November 27, 2018, Global JJ Group, Inc. (the “JJ”) executed the standard loan documents required for securing a loan of $780,000 from the SBA, with proceeds to be used for working capital purposes. As of September 30, 2024 and December 31, 2023, the balance of the loan is $240,944 and $331,022, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $12,571.15 per month which includes principal and interest with an interest rate of 10.25% per year. The balance of principal and interest is payable on December 1, 2025.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

8. BANK NOTES PAYABLES (Continued)

 

September 14, 2021 – $197,000 – Global CC Group, Inc.

 

On September 14, 2021, the CC executed the standard loan documents required for securing a loan of $197,000 from the SBA, with proceeds to be used for working capital purposes. As of September 30, 2024 and December 31, 2023, the balance of the loan is $ 162,612 and $164,418, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,476.31 per month which includes principal and interest with an interest rate of 9.50%. The balance of principal and interest is payable on August 9, 2029.

 

April 22, 2022– $195,000 – Yoshiharu Cerritos.

 

On April 22, 2022, Yoshiharu Cerritos (the “YC”) executed the standard loan documents required for securing a loan of $195,000 from the SBA, with proceeds to be used for working capital purposes. As of September 30, 2024 and December 31, 2023, the balance of the loan is $ 172,468 and $174,492, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,686.99 per month which includes principal and interest with an initial interest rate of 9.50%. The balance of principal and interest is payable on August 9, 2029.

 

May 22, 2023– $138,000 – Global BB Group, Inc.

 

On May 22, 2023, Global BB Group, Inc. (the “BB”) executed the standard loan documents required for securing a loan of $138,000 from a commercial bank, with proceeds to be used for working capital purposes. With the proceeds, BB paid off the existing SBA loan borrowed by Global AA Group, Inc on September 17, 2017. As of September 30, 2024 and December 31, 2023, the balance of the loan is $104,430 and $121,951, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $2,892.36 per month which includes principal and interest with an initial interest rate of 9.75%. The balance of principal and interest is payable on April 1, 2028.

 

May 22, 2023– $196,000 – Global CC Group, Inc.

 

On May 22, 2023, Global CC Group, Inc. (the “CC”) executed the standard loan documents required for securing a loan of $196,000 from a commercial bank, with proceeds to be used for working capital purposes. With the proceeds, CC paid off the existing SBA loan borrowed by CC on February 13, 2020. As of September 30, 2024 and December 31, 2023, the balance of the loan is $148,289 and $173,169, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $4,107.11 per month which includes principal and interest with an initial interest rate of 9.75%. The balance of principal and interest is payable on April 1, 2028.

 

May 22, 2023– $178,000 – Global DD Group, Inc.

 

On May 22, 2023, Global DD Group, Inc. (the “DD”) executed the standard loan documents required for securing a loan of $178,000 from a commercial bank, with proceeds to be used for working capital purposes. With the proceeds, DD paid off the existing SBA loan borrowed by DD on September 15, 2021. As of September 30, 2024 and December 31, 2023, the balance of the loan is $135,564 and $158,309, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,754.68 per month which includes principal and interest with an initial interest rate of 9.75%. The balance of principal and interest is payable on April 1, 2028.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

8. BANK NOTES PAYABLES (Continued)

 

September 13, 2023– $150,000 – Yoshiharu Garden Grove

 

On September 13, 2023, Yoshiharu Garden Grove (the “YG”) executed the standard loan documents required for securing a loan of $150,000 from a commercial bank, with proceeds to be used for working capital purposes. As of September 30, 2024 and December 31, 2023, the balance of the loan is $122,705 and $141,484, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,160.82 per month which includes principal and interest with an initial interest rate of 9.50%. The balance of principal and interest is payable on August 29, 2028.

 

September 13, 2023– $150,000 – Yoshiharu Laguna

 

On September 13, 2023, Yoshiharu Laguna (the “YL”) executed the standard loan documents required for securing a loan of $150,000 from a commercial bank, with proceeds to be used for working capital purposes. As of September 30, 2024 and December 31, 2023, the balance of the loan is $122,705 and $141,484, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,160.82 per month which includes principal and interest with an initial interest rate of 9.50%. The balance of principal and interest is payable on August 29, 2028.

 

March 22, 2024– $150,000 – Yoshiharu Menifee

 

On March,22, 2024, Yoshiharu Menifee (the “YM”) executed the standard loan documents required for securing a loan of $150,000 from a commercial bank, with proceeds to be used for working capital purposes. As of September 30, 2024 and December 31, 2023, the balance of the loan is $137,872 and $0, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,160.96 per month which includes principal and interest with an initial interest rate of 9.50%. The balance of principal and interest is payable on March 22, 2029.

 

March 22, 2024– $150,000 – Yoshiharu San Clemente

 

On March,22, 2024, Yoshiharu San Clemente (the “YCT”) executed the standard loan documents required for securing a loan of $150,000 from a commercial bank, with proceeds to be used for working capital purposes. As of September 30, 2024 and December 31, 2023, the balance of the loan is $137,872 and $0, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $3,160.96 per month which includes principal and interest with an initial interest rate of 9.50%. The balance of principal and interest is payable on March 22, 2029.

 

January 30, 2024– $650,000 – Yoshiharu

 

On January 30, 2024, Yoshiharu Global Co. (the “Yoshiharu”) executed the standard loan documents required for securing a loan of $500,000 from a commercial bank, with proceeds to be used for working capital purposes. On August 16, 2024, Yoshiharu borrowed additional $150,000 from the commercial bank for working capital purpose. As of September 30, 2024 and December 31, 2023, the balance of the loan is $650,000 and $0, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $4,902.09 per month which includes interest with an initial interest rate of 9.00%. The balance of principal and interest is payable on August 16, 2025.

 

June 4, 2024– $900,000 – Yoshiharu Las Vegas

 

On June 4, 2024, Yoshiharu Las Vegas (the “YLV”) executed the standard loan documents required for securing a loan of $900,000 from a commercial bank, with proceeds to be used to acquire certain assets of three restaurants in Las Vegas. As of September 30, 2024 and December 31, 2023, the balance of the loan is $865,151 and $0, respectively.

 

Pursuant to that certain Loan Authorization and Agreement, interest accrues at a variable rate that is subject to change from time to time based on changes in an independent index which is the Prime Rate as published in the Wall Street Journal per annum and will accrue only on funds actually advanced from the date of each advance. The loan requires a payment of $20,531.59 per month which includes principal and interest with an initial interest rate of 9.00%. The balance of principal and interest is payable on December 6, 2028.

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS