Quarterly report pursuant to Section 13 or 15(d)

LOANS PAYABLE

v3.22.2.2
LOANS PAYABLE
 6 Months Ended
Jun. 30, 2022
Loans Payable  
LOANS PAYABLE

10. LOANS PAYABLE

 

The Company’s loans payable are summarized below:

 

    June 30,
2022		     December 31,
2021		  
EIDL   $ 94,000     $ 94,000  
2018 Loan     168,736       223,356  
Total loans payable     262,736       317,356  
Less: current portion     170,255       223,356  
Loans payable, non-current   $ 92,481     $ 94,000  

 

During the six months ended June 30, 2022, the Company made principal payments in the amount of $55,235 on the 2018 Loan payable.

 

The Company incurred interest expense related to the loans payable in the amount of $2,986 and $6,378 during the three and six months ended June 30, 2022, respectively and incurred interest expense related to the loans payable in the amount of $11,687 and $17,655 during the three and six months ended June 30, 2021, respectively. As of June 30, 2022 and December 31, 2021, there is accrued interest of $8,549 and $6,787, respectively, related to the Company’s loans payable.