| DEBT |
NOTE
10 – DEBT
Debt
as of September 30, 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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance December 31, 2024 |
|
$ |
5,248,100 |
|
|
$ |
1,605,000 |
|
|
$ |
506,500 |
|
|
$ |
1,838,000 |
|
|
$ |
9,197,600 |
|
| Increase in borrowing |
|
|
614,200 |
(1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
614,200 |
|
| Principal reductions |
|
|
(497,000 |
) |
|
|
- |
|
|
|
(1,000 |
) |
|
|
(1,900 |
) |
|
|
(499,900 |
) |
| Principal converted to common stock |
|
|
(225,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(225,000 |
) |
| Long term debt to current |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Amortization of debt discount |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Balance September 30, 2025 |
|
$ |
5,140,300 |
(2) |
|
$ |
1,605,000 |
|
|
$ |
505,500 |
|
|
$ |
1,836,100 |
(3) |
|
$ |
9,086,900 |
|
| |
(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 nine months ended September 30, 2025, the
Company recorded interest expense of $2,100.
There was $0
accrued and unpaid interest as of September 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 nine months ended September 30, 2025, the Company recorded interest expense of $700.
There was $700
accrued and unpaid interest as of September 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 nine months ended September 30, 2025, the Company recorded interest expense of $8,000.
There was $0
accrued and unpaid interest as of September 30, 2025, and the note was paid in full. D) An unsecured note payable of
$100,000,
dated July 3, 2025, interest at an annual rate of 8%
simple interest and matured on August
18, 2025. For the nine months ended September 30, 2025, the Company recorded interest expense of $5,300.
There was $5,300
accrued and unpaid interest as of September 30, 2025. E) An unsecured note payable of $100,000,
dated July 25, 2025, interest at an annual rate of 8%
simple interest and matured on September
7, 2025. For the nine months ended September 30, 2025, the Company recorded interest expense of $5,300.
There was $5,300
accrued and unpaid interest as of September 30, 2025. F) An unsecured note payable of $200,000,
dated September 23, 2025, interest at an annual rate of 8%
simple interest and matured on November
18, 2025. For the nine months ended September 30, 2025, the Company recorded interest expense of $12,800.
There was $12,800
accrued and unpaid interest as of September 30, 2025. |
| |
|
|
| |
(2) |
The
balance consists of $4,210,200 of secured notes, and $930,100 unsecured notes payable, of which $4,450,000 are in default. |
| |
|
|
| |
(3) |
Secured
notes. |
|