Quarterly report pursuant to Section 13 or 15(d)

DEBT

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DEBT
6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT

NOTE 10 – DEBT

 

Debt as of June 30, 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     417,400     (1)     -       -       -           417,400  
Principal reductions     (18,700 )         -       (4,300 )     -           (23,000 )
Long term debt to current     -           -       3,600       (3,600 )         -  
Amortization of debt discount     -           -       -       -           -  
Balance June 30, 2024   $ 4,641,800     (2)   $ 1,605,000     $ 509,100     $ 1,840,300     (3)   $ 8,596,200  

 

(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 six months ended June 30, 2024, the Company recorded interest expense of $5,000. There was $5,000 accrued and upaid interest as of June 30, 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 June 30, 2024, the Company recorded interest expense of $600. There was $600 accrued and upaid interest as of June 30, 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 six months ended June 30, 2024, the Company recorded interest expense of $900. There was $500 accrued and unpaid interest as of June 30, 2024. D) An secured note payable of $200,000, dated April 12, 2024, interest at an annual rate of 8% simple interest and matures on April 11, 2025. For thesix months ended June 30, 2024, the Company recorded interest expense of $3,500. There was $3,500 accrued and unpaid interest as of June 30, 2024.
(2) The balance consists of $4,133,800 of secured notes, and $508,000 unsecured notes payable.
(3) Secured notes.