| SCHEDULE OF DEBT |
Debt
as of March 31, 2023 (Unaudited), and December 31, 2022, was comprised of the following:
SCHEDULE OF DEBT
| |
|
Short term notes |
|
|
Convertible notes, unsecured |
|
|
Current portion of long-term debt |
|
|
Long term debt |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance December 31, 2022 |
|
$ |
3,517,000 |
|
|
$ |
1,605,000 |
|
|
$ |
531,300 |
|
|
$ |
1,849,100 |
|
|
$ |
7,502,400 |
|
| Increase in borrowing |
|
|
691,300 |
(1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
691,300 |
|
| Principal reductions |
|
|
- |
|
|
|
- |
|
|
|
(27,000 |
) |
|
|
(10,800 |
) |
|
|
(37,800 |
) |
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Balance September 30, 2022 |
|
$ |
4,208,300 |
(2) |
|
$ |
1,605,000 |
|
|
$ |
504,300 |
|
|
$ |
1,838,300 |
(3) |
|
$ |
8,155,900 |
|
| |
(1) |
A)
Secured note payable of $350,000, secured by certain real estate and equity, dated January 20, 203, interest at an annual rate of
8.0% simple interest and matures on October 18, 2023. For the three months ended March 31, 2023, the Company recorded interest expense
of $5,300. There was no unpaid interest as of March 31, 2023. B) A secured note payable of $300,000, secured by real estate and equity
in subsidiaries dated March 10, 2023, interest at an annual rate of 8% simple interest and matures on December 10, 2023. For the three
months ended March 31, 2023, the Company recorded interest expense of $1,800. There was no unpaid interest as of March 31, 2023. (C) Insurance premium financing note for $51,100 |
| |
(2) |
The
balance consists of $3,717,100 of secured notes, and $493,200 unsecured notes payable. |
| |
(3) |
Secured
notes. |
|