Quarterly report pursuant to Section 13 or 15(d)

DEBT

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DEBT
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT

NOTE 10 – DEBT

 

Debt as of March 31, 2024 (Unaudited), and December 31, 2023*, 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, 2023   $ 4,243,100     $ 1,605,000     $ 509,800     $ 1,843,900     $ 8,201,800  
Increase in borrowing     217,400 (1)     -       -       -       217,400  
Principal reductions     (7,500 )     -       (2,300 )     -       (9,800 )
Long term debt to current     -       -       2,400       (2,400 )     -  
Balance March 31, 2024   $ 4,453,000 (2)   $ 1,605,000     $ 509,900     $ 1,841,500  (3)   $ 8,409,400  

 

  (1) A) Secured note payable of $150,000, secured by certain receipts and equity, dated January 31, 2024, interest at an annual rate of 8.0% simple interest. For the three months ended March 31, 2024, the Company recorded interest expense of $2,000. There was $2,000 accrued and unpaid interest as of March 31, 2024. B) An unsecured note payable of $30,000, dated March 27, 2024, interest at an annual rate of 8% simple interest and matures on May 31, 2024. For the three months ended March 31, 2024, the Company recorded interest expense of less than $100. There was less than $100 accrued and unpaid interest as of March 31, 2024. C) An unsecured note payable of $37,400, dated February 6, 2024, interest at an annual rate of 10% interest and is payable in ten payments ending in November of 2024. For the three months ended March 31, 2024, the Company recorded interest expense of $400. There was $0 accrued and unpaid interest as of March 31, 2024.
  (2) The balance consists of $3,945,000 of secured notes, and $508,000 unsecured notes payable.
  (3) Secured notes.