Quarterly report pursuant to Section 13 or 15(d)

SCHEDULE OF DEBT (Details)

v3.22.1
SCHEDULE OF DEBT (Details)
 3 Months Ended
Mar. 31, 2022
USD ($)
Short-Term Debt [Line Items]  
Debt, beginning balance $ 6,690,700
Increase in borrowing 263,400
Principal reductions (115,000) [1]
Long term debt to current
Amortization of debt discount
Debt, ending balance 6,839,100
Paycheck Protection Program [Member]  
Short-Term Debt [Line Items]  
Debt, beginning balance 96,600
Increase in borrowing
Principal reductions (96,600) [1]
Long term debt to current
Amortization of debt discount
Debt, ending balance
Short Term Notes [Member]  
Short-Term Debt [Line Items]  
Debt, beginning balance 2,843,900
Increase in borrowing
Principal reductions (11,600) [1]
Long term debt to current
Amortization of debt discount
Debt, ending balance 2,832,300 [2]
Convertible Notes, Unsecured [Member]  
Short-Term Debt [Line Items]  
Debt, beginning balance 1,605,000
Increase in borrowing
Principal reductions [1]
Long term debt to current
Amortization of debt discount
Debt, ending balance 1,605,000
Current Portion of Long Term Debt and Capital Lease Obligations [Member]  
Short-Term Debt [Line Items]  
Debt, beginning balance 525,600
Increase in borrowing 4,600 [3]
Principal reductions [1]
Long term debt to current
Amortization of debt discount
Debt, ending balance 530,200
Long Term Debt and Capital Lease Obligations [Member]  
Short-Term Debt [Line Items]  
Debt, beginning balance 1,619,600 [4]
Increase in borrowing 258,800 [3]
Principal reductions (6,800) [1]
Long term debt to current
Amortization of debt discount
Debt, ending balance $ 1,871,600
[1] The Payroll Protection Program final note forgiveness was confirmed during the first quarter of 2022.
[2] The balance consists of $2,410,200 of secured notes, and $422,100 unsecured notes payable.
[3] 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.
[4] Secured notes.