Quarterly report pursuant to Section 13 or 15(d)

DEBT

v3.21.2
DEBT
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
DEBT

NOTE 12 – DEBT

 

Debt as of June 30, 2021 (Unaudited), 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)   $ 5,782,300  
Increase in borrowing     130,100 (1)   52,400 (2)     -       -       835,000 (3)     1,017,500  
Principal reductions     -       (186,400 )     -       -       (11,700 ) (5)     (198,100 )
Long term debt to current     -       -       -       1,000       (1,000)     -  
Amortization of debt discount     -       -       -       -       28,700       28,700  
Balance June 30, 2021   $ 720,400     $ 2,898,800 (4)   $ 1,605,000     $ 524,900     $ 881,300     $ 6,630,400  

 

  (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., in accordance with the note’s provisions. For the six months ended June 30, 2021, the Company recorded interest expense of $5,400. Unpaid interest at June 30, 2021 was approximately $5,400.  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., in accordance with the note’s provisions. For the six months ended June 30, 2021, the Company recorded interest expense of $16,200. Unpaid interest at June 30, 2021 was approximately $16,200.  C) Note payable dated May 25, 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., in accordance with the note’s provisions. For the six months ended June 30, 2021, the Company recorded interest expense of $2,200. Unpaid interest at June 30, 2021 was approximately $2,200.
  (4) The balance consists of $2,460,000 of secured notes, and $438,800 unsecured notes payable.
  (5) Secured notes.