| DEBT |
NOTE
12 – DEBT
Debt
as of September 30, 2021 (Unaudited), and December 31, 2020, was comprised of the following:
SCHEDULE OF DEBT
| |
|
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) |
|
|
- |
|
|
|
- |
|
|
|
1,335,000 |
(3) |
|
|
1,517,500 |
|
| Principal reductions |
|
|
(623,800 |
) |
|
|
(236,200 |
) |
|
|
- |
|
|
|
- |
|
|
|
(17,900 |
)(5) |
|
|
(877,900 |
) |
| Long term debt to current |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,300 |
|
|
|
(1,300 |
) |
|
|
- |
|
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
29,900 |
|
|
|
29,900 |
|
| Balance September 30, 2021 |
|
$ |
96,600 |
|
|
$ |
2,849,000 |
(4) |
|
$ |
1,605,000 |
|
|
$ |
525,200 |
|
|
$ |
1,376,000 |
|
|
$ |
6,451,800 |
|
| |
(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 of $150,000 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 nine months ended September 30,
2021, the Company recorded interest expense of $8,400.
Unpaid interest at September 30, 2021 was approximately $8,400.
B) Note payable of $500,000 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 nine months ended September 30,
2021, the Company recorded interest expense of $26,300.
Unpaid interest at September 30, 2021 was approximately $26,300.
C) Note payable of $185,000 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. (Note 1), in accordance with the note’s provisions. For the Nine months ended September 30,
2021, the Company recorded interest expense of $5,200.
Unpaid interest at September 30, 2021 was approximately $5,200.
D) Note payable of $500,000 dated August 6, 2021, interest at an annual rate of 8%
simple interest and matures on August
5, 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 Nine months ended September 30, 2021,
the Company recorded interest expense of $5,800.
Unpaid interest at September 30, 2021 was approximately $5,800. |
| |
(4) |
The
balance consists of $2,410,200 of secured notes, and $438,800 unsecured notes payable. |
| |
(5) |
Secured
notes. |
|