Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

LOANS PAYABLE

v3.25.1
LOANS PAYABLE
12 Months Ended
Dec. 31, 2024
Notes and other explanatory information [abstract]  
LOANS PAYABLE

NOTE 20 — LOANS PAYABLE

 

As of December 31, 2024 and 2023, loans payable consisted of:

 

    2024     2023  
    As of December 31,  
    2024     2023  
Loans payable – current portion   $ 229,815     $ 2,467,656  
Loans payable – non-current portion     10,033,989       254,455  
Total   $ 10,263,804     $ 2,722,111  

 

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, 2024, the Company repaid the balance loan by aggregate of S$52,513, approximately $39,188 at the 2024 exchange rate (2023 — S$70,017, approximately $52,108 at the 2023 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, 2024 and December 31, 2023 are as follows:

 

Loan Type   Start Date   Loan Amount     Tenure   Interest Rate     Outstanding as of December 31, 2024     Outstanding as of December 31, 2023  
IRD Loan   2020   $ 20,063     72 Months     3.25 %   $ 3,088     $ 10,247  
Juke NWN765   2021   $ 19,679     36 Months     1.30 %   $ -     $ 5,500  
Qashqai NWN767   2021   $ 22,258     36 Months     1.20 %   $ -     $ 6,990  
Qashqai NWN766   2022   $ 22,258     36 Months     1.20 %   $ -     $ 7,396  

 

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, 2024 and December 31, 2023 are as follows –

 

Loan Type   Start
Date
  Loan
Amount
    Tenure   Interest
Rate
    Outstanding
as of
December 31,
2024
    Outstanding
as of
December 31,
2023
 
Lloyds CBIL (MPL)   2020   $ 239,540     60 Months     2.80 %   $ 74,344     $ 126,067  
Funding Circle Loan (MPL)   2022   $ 380,804     48 Months     9.30 %   $ 121,576     $ 235,504  
The Funding Circle (PIN)   2022   $ 116,054     48 Months     9.30 %   $ 37,052     $ 69,271  
Lloyds Bounceback Loan   2022   $ 51,378     72 Months     2.50 %   $ 17,731     $ 30,764  
Other loans   2021   $ 14,269     -     -     $ 10,013     $ 14,269  

 

On July 26, 2023, Genius Group Ltd. executed and delivered a bridge note with an accredited investor in the face amount of $3.2 million, which has a $200,000 original issue discount. Pursuant to the bridge note, $2,000,000 delivered to a bank account identified by the Company. The balance of $1,000,000 was cancelled based on the mutual agreement between both the parties. The loan was fully repaid in January 2024.

 

On April 29, 2024, Genius Group Ltd, executed and entered into a promissory note with an accredited investor with a face value of $5,720,000, which has issuance discount of $720,000. Pursuant to the promissory note, $3,000,000 was delivered in April 2024 and $2,000,000 in May 2024. The loan was fully repaid by November 2024.

 

On December 27, 2024, Genius Group Ltd entered into a BTC backed loan with Arch Lending. The Company enabled a loan of $10,000,000 at an interest rate of 13.90% per annum. The Company deposited 208.71799579 as a collateral. The loan tenure is 18 months with the interest due on a monthly basis and a loan repayment due on maturity. The loan was subsequently refinanced in January 2025.

 

The details of the bridge loan and outstanding balance as of December 31, 2024 and December 31, 2023 are as follows –

 

Loan Type   Start
Date
  Loan
Amount
    Tenure   Interest
Rate
    Outstanding
as of
December 31,
2024
    Outstanding
as of
December 31,
2023
 
Bridge Loan (Alto Opportunity)   2023   $ 2,200,000     4 Months     0 %   $ -     $ 2,177,329  
Promissory note (Alto Opportunity)   2024     5,720,000     18 Months     0 %   $ -     $ -   
Arch Lending (BTC Collateral)   2024     10,000,000     18 Months     13.90 %   $ 10,000,000     $ -  

 

Annual estimated total principal repayments are $229,815 in 2025 and $10,037,077 in 2026