Quarterly report pursuant to Section 13 or 15(d)

DEBT

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DEBT
9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
DEBT

NOTE 10 – DEBT

 

Debt as of September 30, 2023 (Unaudited), and December 31, 2022, was comprised of the following:

 

    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     (170,900 )     -       (3,300 )     -       (174,200 )
Long term debt to current     -       -       3,400       (3,400 )     -  
Amortization of debt discount     -       -       -       -       -  
Balance September 30, 2023   $ 4,248,200 (2)   $ 1,605,000     $ 504,400     $ 1,837,200 (3)   $ 8,194,800  

 

   (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 nine months ended September 30, 2023, the Company recorded interest expense of $19,400. There was $19,400 accrued and unpaid interest as of September 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 nine months ended September 30, 2023, the Company recorded interest expense of $13,400. There was $13,400 accrued and unpaid interest as of September 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 nine months ended September 30, 2023, the Company recorded interest expense of $5,800. There was $5,800 accrued and unpaid interest as of September 30, 2023.
  (2) The balance consists of $3,795,000 of secured notes, and $453,200 unsecured notes payable.
  (3) Secured notes.