6. LOANS PAYABLE

The Company’s loans payable are summarized below:

 SCHEDULE OF LOANS PAYABLE

During the nine months ended September 30, 2021, the Company made principal payments on loans payable in the aggregate of $159,441, of which, $13,234 was paid on the 2020 Demand Loan, $52,559 was paid on the 2018 Loan, $13,235 was paid on the 2017 Loan and $80,413 was paid on the Land Loan. During the nine months ended September 30, 2021, the Company obtained forgiveness of the PPP Loan, which was recognized as other income on the condensed consolidated statement of operations. The remaining decrease in principal balances on the loans payable are the result of the impact of the change in exchange rates during the period.

The Company incurred interest expense related to the loans payable in the amount of $7,079 and $24,734 during the three and nine months ended September 30, 2021, respectively, and incurred interest expense of $11,855 and $50,562 during the three and nine months ended September 30, 2020, respectively, of which, $2,233 and $9,335, respectively represented amortization of debt discount.