Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.22.1
DEBT (Tables)
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
SCHEDULE OF DEBT

Debt as of March 31, 2022 (Unaudited), and December 31, 2021, 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, 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.