Other Receivable

3 Months Ended

Mar. 31, 2023

NOTE 6. OTHER RECEIVABLE

Other receivable consisted of the following on March 31, 2023 and December 31, 2022:

	March 31,		December 31,
	2023		2022
Loans to sales agents	$	64,479,862	$	41,775,015
Prepaid Expenses		1,185		4,740
Security deposit		5,600		5,600
Other		430		423
Total	$	64,487,077	$	41,785,778

During the year ended 31, 2022, the Company made loans to various individual sales agents in the aggregate amount of $41,775,015 pursuant to the agreements with each of the sales agents. The loans were made to each of the sales agents for the purpose of market expansion, and all loans shall be repaid in full before December 31, 2023. These loans are unsecured and bear no interest. During the three months ending March 31, 2023, approximately $39,178,129 of the $41,775,015 loans were repaid and the remaining $2,596,886 of the loan shall be repaid before December 31, 2023.

In addition, during the three months ended 31, 2023, the Company also issued new loans to various individual sales agents in the aggregate amount of $61,882,976 pursuant to the new agreements with each of the sales agents. The loans were made to each of the sales agents for the purpose of market expansion, and all loans shall be repaid in full before December 31, 2023. These loans are unsecured and bear no interest.

Tengjun Biotechnology Corp. 10-Q