| DEBT |
NOTE
10 – DEBT
Debt
as of June 30, 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 |
|
|
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. |
|