Quarterly report pursuant to Section 13 or 15(d)

DEBT

v3.22.2.2
DEBT
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
DEBT

NOTE 10 – DEBT

 

Debt as of September 30, 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     -         600,000       -       5,700 (2)     258,800 (2)     864,500  
Principal reductions     (96,600 ) (1)     (46,300 )     -       -       (21,700 )     (164,600 )
Long term debt to current     -         -       -       -       -       -  
Amortization of debt discount     -         -       -       -       -       -  
Balance September 30, 2022   $ -       $ 3,397,600 (3)   $ 1,605,000     $ 531,300     $ 1,856,700     $ 7,390,600  

 

(1) Payroll Protection Program final note forgiveness 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 nine months ended September 30, 2022, the Company recorded interest expense of $300. Unpaid interest at September 30, 2022 was $0. $4,300 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 nine months endedSeptember 30, 2022, the Company recorded interest expense of $12,700. Unpaid interest at September 30, 2022 was approximately $12,700.
(3)

The balance consists of $2,910,200 of secured notes, and $484,700 unsecured notes payable.
(4) Secured notes.
(5)

There were two new notes entered into during the three months ended September 30, 2022. A) A secured note payable of $500,000, secured by net revenue from sale of any and all MV Technology products, interest at an annual rate of 10% simple interest and matures on August 15, 2023. Monthly payments of $25,000 a month on the last day of the third month and continue in months four and five. At the end of the sixth month monthly payments in the amount of $50,000 and continue until the end month twelve at which time all outstanding principal and interest shall be due. Unpaid interest at September 30, 2022 was approximately $6,200. B) An unsecured note of $100,000 payable, dated July 20, 2022, interest at an annual rate of 8% payable on or before July 19, 2023. Unpaid interest at September 30, 2022 was approximately $1,600.