| SCHEDULE OF DEBT |
Debt
as of September 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 |
|
|
842,400 |
(1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
842,400 |
|
| Principal reductions |
|
|
(133,700 |
) |
|
|
- |
|
|
|
(7,100 |
) |
|
|
- |
|
|
|
(140,800 |
) |
| Long term debt to current |
|
|
- |
|
|
|
- |
|
|
|
4,900 |
|
|
|
(4,900 |
) |
|
|
- |
|
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Balance September 30, 2024 |
|
|
$ 4,951,800 |
(2) |
|
$ |
1,605,000 |
|
|
$ |
507,600 |
|
|
|
$
1,839,000 |
(3) |
|
$ |
8,903,400 |
|
| (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 nine months ended September 30, 2024, the Company recorded interest expense of $8,000. There was $8,000
accrued and unpaid 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 nine months ended September 30, 2024, the Company recorded interest
expense of $1,200. There was $1,200 accrued and unpaid interest as of September 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 nine months ended September 30, 2024, the Company recorded interest expense of $1,600. There was $0 accrued and unpaid interest
as of September 30, 2024. D) A 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 the nine months ended September 30, 2024, the Company recorded interest expense of $7,500. There
was $7,500 accrued and unpaid interest as of September 30, 2024. E) A secured note payable of $100,000, dated July 12, 2024, interest
at an annual rate of 8% simple interest and matures on September 1, 2024, with a minimum interest payable of $3,750. For the nine
months ended September 30, 2024, the Company recorded interest expense of $3,750. Both principal and interest were paid during the
nine months ended September 30, 2024. F) A secured note payable of $100,000, dated August 22, 2024, interest at an annual rate of
8% simple interest and matures on December 1, 2024, with a minimum interest payable of $3,750. For the nine months ended September
30, 2024, the Company recorded interest expense of $900. There was $900 accrued and unpaid interest as of September 30, 2024. G)
A secured note payable of $75,000, dated August 9, 2024, interest at an annual rate of 8% simple interest and matures on August 8,
2025. For the nine months ended September 30, 2024, the Company recorded interest expense of $900. There was $900 accrued and unpaid
interest as of September 30, 2024. H) A secured note payable of $150,000, dated August 10, 2024, interest at an annual rate of 8%
simple interest and matures on August 9, 2025. For the nine months ended September 30, 2024, the Company recorded interest expense
of $1,700. There was $1,700 accrued and unpaid interest as of September 30, 2024. |
| (2) |
The
balance consists of $4,433,800 of secured notes, and $508,000 unsecured notes payable. |
| (3) |
Secured
notes. |
|