LOANS PAYABLE |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Payable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LOANS PAYABLE |
11. LOANS PAYABLE
The Company’s loans payable are summarized below:
During the nine months ended September 30, 2022, the Company made principal payments in the amount of $81,431 on the 2018 Loan payable.
On July 20, 2022, the federal government notified the Company that installment payments on the remainder of the balance of the EIDL Loan would be required starting 30 months from the date of the loan, which is October 19, 2022. The EIDL Loan bears interest at 3.75% per annum and matures on May 22, 2050.
The Company incurred interest expense related to the loans payable in the amount of $1,566 and $8,791 during the three and nine months ended September 30, 2022, respectively and 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. As of September 30, 2022 and December 31, 2021, there is accrued interest of $9,437 and $6,787, respectively, related to the Company’s loans payable.
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