| Schedule of Debt |
Debt as of March 31, 2021 and December 31, 2020, was
comprised of the following:
| |
|
Paycheck protection program |
|
|
Short term notes |
|
|
Convertible notes, unsecured |
|
|
Current portion of long-term debt and capital lease obligations |
|
|
Long term debt and capital lease obligations |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance December 31, 2020 |
|
$ |
590,300 |
|
|
$ |
3,032,800 |
|
|
$ |
1,605,000 |
|
|
$ |
523,900 |
|
|
$ |
30,300 |
(5) |
|
$ |
5,781,300 |
|
| Increase in borrowing |
|
|
130,100 |
(1) |
|
|
52,400 |
(2) |
|
|
- |
|
|
|
- |
|
|
|
650,000 |
(3) |
|
|
832,500 |
|
| Principal reductions |
|
|
- |
|
|
|
(170,600 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5,800 |
)(5) |
|
|
(176,400 |
) |
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,000 |
|
|
|
20,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance March 31, 2021 |
|
$ |
720,400 |
|
|
$ |
2,914,600 |
(4) |
|
$ |
1,605,000 |
|
|
$ |
523,900 |
|
|
$ |
694,500 |
|
|
$ |
6,458,400 |
|
| |
(1) |
Paycheck Protection Program (“PPP”) draw #2, received the first quarter of 2021. |
| |
(2) |
Unsecured note payable insurance premium financing, interest at approximately 5.1% per annum, payable in 10 installments of $5,400, maturing on November 1, 2021. |
| |
(3) |
A) Unsecured note payable dated January 19, 2021, interest at an annual rate of 8% simple interest and matures on January 18, 2026. This note is included as part of a series of anticipated notes, all of which will be converted into common equity of Paragon Waste Services, LLC. (Note 1), in accordance with the note’s provisions. For the three months ended March 31, 2021, the Company recorded interest expense of $2,400. Unpaid interest at March 31, 2021 was approximately $2,400. |
| |
|
B) Note payable dated February 2, 2021, interest at an annual rate of 8% simple interest and matures on January 18, 2026. This note is included as part of a series of anticipated notes, all of which will be converted into common equity of Paragon Waste Services, LLC. (Note 1), in accordance with the note’s provisions. For the three months ended March 31, 2021, the Company recorded interest expense of $6,200. Unpaid interest at March 31, 2021 was approximately $6,200. |
| |
(4) |
The balance consists of $2,460,000 of secured notes, and $454,600 unsecured notes payable. |
| |
(5) |
Secured notes. |
|