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

LOANS PAYABLE (Tables)

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LOANS PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2023
Notes and other explanatory information [abstract]  
SUMMARY OF LOANS PAYABLE

As of December 31, 2023 and 2022, loans payable consisted of:

 

    2023     2022  
    As of December 31,  
    2023     2022  
Loans payable – current portion   $ 2,467,656     $ 334,391  
Loans payable – non-current portion     254,455       428,025  
 Total   $ 2,722,111     $ 762,416  
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, 2023 and December 31, 2022 are as follows:

 

Loan Type   Start Date   Loan Amount     Tenure   Interest Rate     Outstanding as of December 31, 2023     Outstanding as of December 31, 2022  
IRD Loan   2020   $ 20,063     60 Months     3.25 %   $ 10,247     $ 16,900  
Juke NWN765   2021   $ 19,679     36 Months     1.30 %   $ 5,500     $ 12,255  
Qashqai NWN767   2021   $ 22,258     36 Months     1.20 %   $ 6,990     $ 13,886  
Qashqai NWN766   2022   $ 22,258     36 Months     1.20 %   $ 7,396     $ 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, 2023 and December 31, 2022 are as follows –

 

Loan Type   Start
Date		   Loan
Amount		     Tenure   Interest
Rate		     Outstanding
as of
December 31,
2023		     Outstanding
as of
December 31,
2022		  
Lloyds CBIL (MPL)   2020   $ 239,540     60 Months     2.80 %   $ 126,067     $ 167,678  
Funding Circle Loan (MPL)   2022   $ 380,804     48 Months     9.30 %   $ 235,504     $ 305,787  
The Funding Circle (PIN)   2022   $ 116,054     48 Months     9.30 %   $ 69,271     $ 93,193  
Lloyds Bounceback Loan   2022   $ 51,378     72 Months     2.50 %   $ 30,764     $ 41,335  
Other loans   2021   $ 14,269     -     -     $ 14,269     $ 10,508  
 
Loan Type   Start
Date		   Loan
Amount		     Tenure   Interest
Rate		     Outstanding
as of
December 31,
2023		     Outstanding
as of
December 31,
2022		  
Bridge Loan (Alto Opportunity)   2023   $ 2,200,000     4 Months     0 %   $ 2,177,329     $ -