| INTEREST EXPENSE, NET |
NOTE 24 — INTEREST EXPENSE, NET
For the years ended December 31, 2021 and 2020, the Company earned interest income and incurred interest expense as follows:
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
2021 |
|
2020 |
Interest (expense) income |
|
|
|
|
|
|
Bank and other cash |
|
$ |
(74,081) |
|
$ |
55,649 |
Total interest (expense) income |
|
|
(74,081) |
|
|
55,649 |
Interest expense/finance costs |
|
|
|
|
|
|
Lease liabilities |
|
|
131,291 |
|
|
131,291 |
Other interest paid – loans |
|
|
103,357 |
|
|
455,394 |
Amortization of debt discount |
|
|
140,837 |
|
|
322,947 |
Total interest expense/ finance costs |
|
|
375,485 |
|
|
909,632 |
Total interest (expense), net |
|
$ |
(449,566) |
|
$ |
(853,983) |
|
NOTE 25 — INTEREST EXPENSE, NET
For the years ended December 31, 2020 and 2019, the Company earned interest income and incurred interest expense as follows:
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, |
|
|
2020 |
|
2019 |
Interest income |
|
|
|
|
|
|
Bank and other cash |
|
$ |
55,649 |
|
$ |
1,996 |
Other financial assets – loans |
|
|
— |
|
|
102,431 |
Total interest income |
|
|
55,649 |
|
|
104,427 |
Interest expense/finance costs |
|
|
|
|
|
|
Lease liabilities |
|
|
131,291 |
|
|
122,190 |
Other interest paid – loans |
|
|
455,394 |
|
|
266,059 |
Amortization of debt discount |
|
|
322,947 |
|
|
580,049 |
Total interest expense/ finance costs |
|
|
909,632 |
|
|
968,298 |
Total interest (expense) income, net |
|
$ |
(853,983) |
|
$ |
(863,871) |
|