| SCHEDULE OF DEBT |
Debt
as of June 30, 2025 (unaudited), and December 31, 2024*, was comprised of the following:
SCHEDULE OF DEBT
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|
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|
|
Convertible, |
|
|
Current portion of long- |
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|
|
|
|
|
|
| |
|
Short term |
|
|
notes |
|
|
term debt and capital |
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|
|
|
|
|
|
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notes |
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|
unsecured |
|
|
lease obligations |
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|
Long term debt |
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|
Total |
|
| Balance December 31, 2024 |
|
$ |
5,248,100 |
|
|
$ |
1,605,000 |
|
|
$ |
506,500 |
|
|
$ |
1,838,000 |
|
|
$ |
9,197,600 |
|
| Increase in borrowing |
|
|
214,200 |
(1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
214,200 |
|
| Principal reductions |
|
|
(331,300 |
) |
|
|
- |
|
|
|
(1,000 |
) |
|
|
(1,900 |
) |
|
|
(334,200 |
) |
| Principal converted to common stock |
|
|
(225,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(225,000 |
) |
| Long term debt to current |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Balance June 30, 2025 |
|
$ |
4,906,000 |
(2) |
|
$ |
1,605,000 |
|
|
$ |
505,500 |
|
|
$ |
1,836,100 |
(3) |
|
$ |
8,852,600 |
|
| |
(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 six months ended June 30, 2025, the Company recorded interest expense of $1,400. There was $0
accrued and unpaid interest as of June 30, 2025. B) An 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 six months ended June 30, 2025, the Company recorded interest
expense of $400. There was $400 accrued and unpaid interest as of June 30, 2025. C) An unsecured note payable of $150,000, dated
April 25, 2025, interest at an annual rate of 8% simple interest and matured on June 20, 2025. For the six months ended June 30,
2025, the Company recorded interest expense of $8,000. There was $8,000 accrued and unpaid interest as of June 30, 2025. |
| |
(2) |
The
balance consists of $4,225,900 of secured notes, and $680,100 unsecured notes payable, of which $4,450,000 are in default. |
| |
(3) |
Secured
notes. |
|