SHORT-TERM LOAN PAYABLE |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Short-Term Debt [Abstract] | |
| SHORT-TERM LOAN PAYABLE |
NOTE 6: SHORT-TERM LOAN PAYABLE In July 2022, the Company entered into a short-term loan in the amount of $1,669,000. The loan originally matured July 2023 and bore interest at 7.99%, with monthly payments of both interest and principal. In February 2023, the Company entered into an amended short-term loan in the amount of $1,127,000
(“February Note”). As part of this new short-term loan, the Company received an additional $412,589. The loan matures November 2023 and bears interest at 9.49%, with monthly payments of both interest and principal. Subsequently in May 2023, the Company entered into a new short-term loan in the amount of $1,254,000 (“May Note”), part of which was used to pay off the February Note. Net proceeds from the May Note amounted to $367,206. The May Note matures in
February 2024 and bears interest at 9.49%, with monthly payments of both interest and principal. |