| SCHEDULE OF DEBT |
Debt
as of September 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 |
|
|
(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. |
|