Quarterly report pursuant to Section 13 or 15(d)

Debt - Schedule of Debt (Details)

v3.21.1
Debt - Schedule of Debt (Details) - USD ($)
 3 Months Ended
Feb. 02, 2021
Jan. 19, 2021
Mar. 31, 2021
Beginning balance     $ 5,990,400
Increase in borrowing     842,500
Principal reductions     (186,400)
Amortization of debt discount     20,000
Interest accrued     9,000
Ending balance     6,675,500
Paycheck Protection Program [Member]      
Beginning balance     590,300
Increase in borrowing [1]     130,100
Principal reductions    
Amortization of debt discount    
Interest accrued    
Ending balance     720,400
Short Term Notes [Member]      
Beginning balance     3,032,800
Increase in borrowing [2]     52,400
Principal reductions     (170,600)
Amortization of debt discount    
Interest accrued    
Ending balance [3]     2,914,600
Convertible Notes Unsecured [Member]      
Beginning balance     1,605,000
Increase in borrowing    
Principal reductions    
Amortization of debt discount    
Interest accrued    
Ending balance     1,605,000
Current Portion of Long Term Debt and Capital Lease Obligations [Member]      
Beginning balance     523,900
Increase in borrowing    
Principal reductions    
Amortization of debt discount    
Interest accrued    
Ending balance     523,900
Long Term Debt and Capital Lease Obligations [Member]      
Beginning balance [4]     30,300
Increase in borrowing [5]     650,000
Principal reductions [4]     (5,800)
Amortization of debt discount     20,000
Interest accrued $ 6,200 $ 2,400
Ending balance     $ 694,500
[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] The balance consists of $2,460,000 of secured notes, and $454,600 unsecured notes payable.
[4] Secured notes.
[5] 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.