| SCHEDULE OF DEBT |
Debt
as of September 30, 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 |
|
|
- |
|
|
|
|
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. |
|