| DEBT |
NOTE
10 – DEBT
Debt
as of March 31, 2022 (Unaudited), and December 31, 2021, 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, 2021 |
|
$ |
96,600 |
|
|
$ |
2,843,900 |
|
|
$ |
1,605,000 |
|
|
$ |
525,600 |
|
|
$ |
1,619,600 |
(4) |
|
$ |
6,690,700 |
|
| Increase in borrowing |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,600 |
(2) |
|
|
258,800 |
(2) |
|
|
263,400 |
|
| Principal reductions(1) |
|
|
(96,600 |
) |
|
|
(11,600 |
) |
|
|
- |
|
|
|
- |
|
|
|
(6,800 |
) |
|
|
(115,000 |
) |
| Long term debt to current |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Balance March 31, 2022 |
|
$ |
- |
|
|
$ |
2,832,300 |
(3) |
|
$ |
1,605,000 |
|
|
$ |
530,200 |
|
|
$ |
1,871,600 |
|
|
$ |
6,839,100 |
|
| |
(1) |
The Payroll Protection Program final note forgiveness was confirmed during the first quarter of 2022. |
| |
(2) |
A)
Secured note payable of $13,300, secured by and proceeds used to buy a forklift, dated March 15, 2022, interest at an annual rate
of 6.5% simple interest and matures on February 15, 2025, with payments of approx $400 per month, in accordance with the note’s
provisions. For the three months ended March 31, 2022, the Company recorded interest expense of $100. Unpaid interest at March 31,
2022 was $0. $4,200 of this note is included in the current portion of long-term debt. B) Note payable of $250,000 dated February
11, 2022, interest at an annual rate of 8% simple interest and matures on February 10, 2027. 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, 2022, the Company recorded interest expense of $2,700. Unpaid interest
at March 31, 2022 was approximately $2,700. |
| |
(3) |
The
balance consists of $2,410,200 of secured notes, and $422,100 unsecured notes payable. |
| |
(4) |
Secured
notes. |
|