Quarterly report pursuant to Section 13 or 15(d)

SCHEDULE OF DEBT (Details)

v3.21.2
SCHEDULE OF DEBT (Details)
 9 Months Ended
Sep. 30, 2021
USD ($)
Short-term Debt [Line Items]  
Balance December 31, 2020 $ 5,782,300
Increase in borrowing 1,517,500
Principal reductions (877,900)
Long term debt to current
Amortization of debt discount 29,900
Balance September 30, 2021 6,451,800
Paycheck Protection Program [Member]  
Short-term Debt [Line Items]  
Balance December 31, 2020 590,300
Increase in borrowing 130,100 [1]
Principal reductions (623,800)
Long term debt to current
Amortization of debt discount
Balance September 30, 2021 96,600
Short Term Notes [Member]  
Short-term Debt [Line Items]  
Balance December 31, 2020 3,032,800
Increase in borrowing 52,400 [2]
Principal reductions (236,200)
Long term debt to current
Amortization of debt discount
Balance September 30, 2021 2,849,000 [3]
Convertible Notes Unsecured [Member]  
Short-term Debt [Line Items]  
Balance December 31, 2020 1,605,000
Increase in borrowing
Principal reductions
Long term debt to current
Amortization of debt discount
Balance September 30, 2021 1,605,000
Current Portion of Long Term Debt and Capital Lease Obligations [Member]  
Short-term Debt [Line Items]  
Balance December 31, 2020 523,900
Increase in borrowing
Principal reductions
Long term debt to current 1,300
Amortization of debt discount
Balance September 30, 2021 525,200
Long Term Debt and Capital Lease Obligations [Member]  
Short-term Debt [Line Items]  
Balance December 31, 2020 30,300 [4]
Increase in borrowing 1,335,000 [5]
Principal reductions (17,900) [4]
Long term debt to current (1,300)
Amortization of debt discount 29,900
Balance September 30, 2021 $ 1,376,000
[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 $2,410,200 of secured notes, and $438,800 unsecured notes payable.
[4] Secured notes.
[5] 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.