| SCHEDULE OF DEBT |
Debt
as of June 30, 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 and capital lease obligations |
|
|
Long term debt |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance December 31, 2022 |
|
$ |
3,518,000 |
|
|
$ |
1,605,000 |
|
|
$ |
504,300 |
|
|
$ |
1,840,600 |
|
|
$ |
7,467,900 |
|
| Increase in borrowing |
|
|
901,100 |
(1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
901,100 |
|
| Principal reductions |
|
|
(155,600 |
) |
|
|
- |
|
|
|
(2,200 |
) |
|
|
- |
|
|
|
(157,800 |
) |
| Long term debt to current |
|
|
- |
|
|
|
- |
|
|
|
2,300 |
|
|
|
(2,300 |
) |
|
|
- |
|
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Balance June 30, 2023 |
|
$ |
4,263,500 |
(2) |
|
$ |
1,605,000 |
|
|
$ |
504,400 |
|
|
$ |
1,838,300 |
(3) |
|
$ |
8,211,200 |
|
| |
(1) |
A)
Secured note payable of $350,000, secured by certain real estate and equity, dated January 20, 2023, interest at an annual rate of
8.0% simple interest and matures on October 18, 2023. For the six months ended June 30, 2023, the Company recorded interest expense
of $12,400. There was $12,400 accrued and unpaid interest as of June 30, 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 six months ended June 30, 2023, the Company recorded interest expense of $7,400. There was $7,400 accrued and unpaid
interest as of June 30, 2023. C) A secured note payable of $200,000, secured by real estate and equity in subsidiaries dated May 16,
2023, interest at an annual rate of 8% simple interest and matures on December 10, 2023. For the six months ended June 30, 2023,
the Company recorded interest expense of $1,800. There was $1,800 accrued and unpaid interest as of June 30, 2023. D) Insurance financing of $51,100, which is being paid down with ten equal monthly payments of $5,100. |
| |
(2) |
The
balance consists of $3,746,500 of secured notes, and $517,000 unsecured notes payable. |
| |
(3) |
Secured
notes. |
|