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

LOANS PAYABLE

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LOANS PAYABLE
 12 Months Ended
Dec. 31, 2022
LOANS PAYABLE

NOTE 18 — 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  

 

 

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, 2022, the Company repaid an aggregate of S$98,589, approximately $72,492 at the 2022 exchange rate (2021 — S$91,063 approximately $67,220 at the 2021 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, 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  

 

Annual estimated total principal repayments are $361,019 in 2023, $237,970 in 2024, $146,893 in 2025, $8,267 in 2026 and $8,267 in 2027.