Annual report pursuant to Section 13 and 15(d)

Related Party Loan

Related Party Loan
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Related Party Loan

Note 7 – Related Party Loan


On August 3, 2023, the Company submitted a written consent, and the Board approved a loan amount between $1 million and $5 million. On September 7, 2023, the Company entered into a loan agreement with Golden Sunrise Investment LLC in the amount of $1,000,000. This loan is secured against the Company’s property, which serves as collateral, with a net book value of $4.5 million pledged. At the time of entering the loan agreement, Golden Sunrise Investment LLC was owned by two of the Company’s shareholders who collectively owned approximately 19% of the Company’s outstanding shares. The loan has an annual interest rate of 12% and the principal amount has a due date of September 7, 2024. The interest expense amount was $38,333 for the year ended December 31, 2023. There was no accrued interest as of December 31, 2023, and the total principal outstanding loan amount was $1,000,000 as of December 31, 2023. The interest rate increases to 15% as of the due date of loan on any unpaid principal balance outstanding.