Quarterly report pursuant to Section 13 or 15(d)

10. Bank Loan Payable

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10. Bank Loan Payable
9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
10. Bank Loan Payable

10. Bank Loan Payable

 

Included in bank loans is a Small Business Administration Disaster Relief loan (“SBA Loan”) assumed on the acquisition of US Bookmaking with a principal outstanding of $150,000. The SBA Loan bears interest at 3.75% per annum and is repayable in monthly installments of $731 which began in June 2021, and matures in May 2050. The SBA Loan is collateralized by all of US Bookmaking’s tangible and intangible assets. The balance outstanding at June 30, 2023 consists of principal outstanding of $144,430 and interest thereon of $9,750.

  

Since the acquisition of US Bookmaking, the Company has repaid principal of $4,402 and has total accrued and unpaid interest of $11,200 on this loan as of September 30, 2023.

 

The maturity of bank loans payable as of September 30, 2023 is as follows: 

Bank loans payable     Amount
Within 1 year   $ 2,987  
1 to 2 years     3,101  
2 to 3 years     3,219  
3 to 4 years     3,342  
5 years and thereafter     142,981  
Total   $ 155,630  
Disclosed as:        
Current portion   $ 2,987  
Non-Current portion     152,643  
    $ 155,630