| SCHEDULE OF DEBT |
Debt
as of March 31, 2024 (Unaudited), and December 31, 2023*, 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, 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. |
|