Quarterly report pursuant to Section 13 or 15(d)

SCHEDULE OF DEBT (Details)

v3.24.3
SCHEDULE OF DEBT (Details)
9 Months Ended
Sep. 30, 2024
USD ($)
Short-Term Debt [Line Items]  
Debt, beginning balance $ 8,201,800
Increase in borrowing 842,400
Principal reductions (140,800)
Long term debt to current
Amortization of debt discount
Debt, ending balance 8,903,400
Short Term Notes [Member]  
Short-Term Debt [Line Items]  
Debt, beginning balance 4,243,100
Increase in borrowing 842,400 [1]
Principal reductions (133,700)
Long term debt to current
Amortization of debt discount
Debt, ending balance 4,951,800 [2]
Convertible Notes, Unsecured [Member]  
Short-Term Debt [Line Items]  
Debt, beginning balance 1,605,000
Increase in borrowing
Principal reductions
Long term debt to current
Amortization of debt discount
Debt, ending balance 1,605,000
Current Portion of Long Term Debt and Capital Lease Obligations [Member]  
Short-Term Debt [Line Items]  
Debt, beginning balance 509,800
Increase in borrowing
Principal reductions (7,100)
Long term debt to current 4,900
Amortization of debt discount
Debt, ending balance 507,600
Long Term Debt [Member]  
Short-Term Debt [Line Items]  
Debt, beginning balance 1,843,900
Increase in borrowing
Principal reductions
Long term debt to current (4,900)
Amortization of debt discount
Debt, ending balance $ 1,839,000 [3]
[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.