Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

LOANS PAYABLE (Tables)

v3.23.2
LOANS PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2022
SUMMARY OF LOANS PAYABLE

As of December 31, 2022 and 2021, loans payable consisted of:

 

                 
    As of December 31,  
    2022     2021  
Loans payable – current portion   $ 334,391     $ 65,415  
Loans payable – non-current portion     428,025       85,858  
 Total   $ 762,416     $ 151,273  
SCHEDULE OF LINE OF CREDIT FOR WORKING CAPITAL REQUIREMENT

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, 2022 is as follows:

 

Loan Type   Start Date     Loan Amount     Tenure     Interest Rate     Outstanding as
of December 31,
2022		  
IRD Loan     2020     $ 20,063       60 Months       3.25 %   $ 16,900  
Juke NWN765     2021     $ 19,679       36 Months       1.30 %   $ 12,254  
Qashqai NWN767     2021     $ 22,258       36 Months       1.20 %   $ 13,886  
Qashqai NWN766     2022     $ 22,258       36 Months       1.20 %   $ 14,475  

 

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, 2022 is as follows –

 

Loan Type   Start Date     Loan Amount     Tenure     Interest Rate     Outstanding as
of December 31,
2022		  
Lloyds CBIL (MPL)     2020     $ 239,540       60 Months       2.80 %   $ 167,678  
Funding Circle Loan (MPL)     2022     $ 380,804       48 Months       9.30 %   $ 305,787  
The Funding Circle (PIN)     2022     $ 116,054       48 Months       9.30 %   $ 93,193  
Lloyds Bounceback Loan     2022     $ 51,378       72 Months       2.50 %   $ 41,335