| DEBT |
NOTE
10 – DEBT
Debt
as of March 31, 2025 (unaudited), and December 31, 2024*, 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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
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| Balance December 31, 2024 |
|
$ |
5,248,100 |
|
|
$ |
1,605,000 |
|
|
$ |
506,500 |
|
|
$ |
1,838,000 |
|
|
$ |
9,197,600 |
|
| Increase in borrowing |
|
|
64,200 |
(1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
64,200 |
|
| Principal reductions |
|
|
(315,700 |
) |
|
|
- |
|
|
|
(800 |
) |
|
|
(1,500 |
) |
|
|
(318,000 |
) |
| Principal converted to common stock |
|
|
(225,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(225,000 |
) |
| Long term debt to current |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Balance March 31, 2025 |
|
$ |
4,771,600 |
(2) |
|
$ |
1,605,000 |
|
|
$ |
505,700 |
|
|
$ |
1,836,500 |
(3) |
|
$ |
8,718,800 |
|
| |
(1) |
A)
An unsecured note payable of $52,200, dated January 1, 2025, interest at an annual rate of 9.75% interest and is payable in ten payments
ending in November of 2025. For the three months ended March 31, 2025, the Company recorded interest expense of $700. There was $0
accrued and unpaid interest as of March 31, 2025. B) A unsecured note payable of $12,000, dated February 21, 2025, interest at an
annual rate of 8% simple interest and matured on March 21, 2025. For the three months ended March 31, 2025, the Company recorded
interest expense of $100. There was $100 accrued and unpaid interest as of March 31, 2025. |
| |
(2) |
The
balance consists of $4,253,500 of secured notes, and $518,100 unsecured notes payable, of which $4,100,000 are in default. |
| |
(3) |
Secured
notes. |
|