SBA LOAN PAYABLE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| SBA LOAN PAYABLE | NOTE– 11 SBA LOAN PAYABLE
As of September 30, 2024, the future minimum EIDL loan payments for the Company to be paid by year are as follows:
On June 23, 2020, Vivic Corp. received an $87,500 Economic Injury Disaster Loan (“EIDL loan”) from the Small Business Administration (“SBA”). This is a low-interest federal disaster loan for working capital to small businesses and non-profit organizations of any size suffering substantial economic injury as a result of the Coronavirus (COVID-19) epidemic, to help businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. This loan has an annual interest rate of 3.75% and is not forgivable. The maturity of the loan is 30 years, installment payments including principal and interest of $427 monthly will begin 30 months from the loan disbursement date. Due to the fact that the loan repayment was deferred for 30 months, the payments are going 100% toward interest since the interest started to accrue from the original disbursement date. For the three months ended September 30, 2024 and 2023, the Company made payments of interest of $1,618 and $1,281 on the EIDL loan, respectively.
As of September 30, 2024, the future minimum EIDL loan payments for the Company to be paid by year are as follows:
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