| Schedule of Notes Payable |
The
carrying amount of notes payable as of June 30, 2022 and December 31, 2021 was as follows:
Schedule
of Notes Payable
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Note payable with the Department
of Economic and Community Development in the original amount of $147,372 due in monthly payments of principal and interest totaling
$2,132 beginning January 1, 2017 with a final payment due on October 1, 2022. Non-interest bearing. Payments were not made in 2022
or 2021. |
|
$ |
134,153 |
|
|
$ |
134,153 |
|
| Note payable with the Department
of Economic and Community Development in the original amount of $147,372 due in monthly payments of principal and interest totaling
$2,132 beginning January 1, 2017 with a final payment due on October 1, 2022. Non-interest bearing. Payments were not made in 2022
or 2021. |
|
$ |
134,153 |
|
|
$ |
134,153 |
|
| |
|
|
|
|
|
|
|
|
| Loan from Company’s CEO, due September
6, 2022. Original issue discount of $8,410; 25 shares of Series C Preferred Stock issued in connection with the loan; unamortized
debt discount of $8,676 at June 30, 2022 |
|
|
89,799 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Paycheck Protection
Program Loans (PPP Loans). The PPP Loans and accrued interest are forgivable as long as the Company uses the loan proceeds for eligible
purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will
be reduced if the Company terminates employees or reduces salaries. No collateral or guarantees were provided in connection with
the PPP Loans. The unforgiven portion of the PPP Loans are payable over two years at an interest rate of 1.0% per annum, with a deferral
of payments for the first sixteen months. Beginning sixteen months from the dates of issuance, the Company is required (if not forgiven)
to make monthly payments of principal and interest to the lenders. The Company intends to use all of the proceeds for purposes consistent
with the PPP. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of
the loans, it cannot assure you that it will not take actions that could cause the Company to be ineligible for forgiveness of the
loans, in whole or in part. |
|
|
60,401 |
|
|
|
60,401 |
|
| |
|
|
284,353 |
|
|
|
194,554 |
|
| Less current portion |
|
|
223,952 |
|
|
|
134,153 |
|
| Notes
payable, long term, net of current portion |
|
$ |
60,401 |
|
|
$ |
60,401 |
|
|
The
carrying amount of notes payable as of December 31, 2021 and 2020 was as follows:
Schedule
of Notes Payable
| |
|
December 31, |
|
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
| |
|
|
134,153 |
|
|
|
134,118 |
|
| Note payable with the Department of Economic and Community Development in the original amount of $147,372 due in monthly payments of principal and interest totaling $2,132 beginning January 1, 2017 with a final payment due on October 1, 2022. Non-interest bearing. Payments were not made in 2021 or 2020. |
|
$ |
134,153 |
|
|
$ |
134,118 |
|
| |
|
|
|
|
|
|
|
|
| Paycheck Protection Program Loans (PPP Loans). The PPP Loans and accrued interest are forgivable as long as the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the Company terminates employees or reduces salaries. No collateral or guarantees were provided in connection with the PPP Loans. The unforgiven portion of the PPP Loans are payable over two years at an interest rate of 1.0% per annum, with a deferral of payments for the first sixteen months. Beginning sixteen months from the dates of issuance, the Company is required (if not forgiven) to make monthly payments of principal and interest to the lenders. The Company intends to use all of the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loans, it cannot assure you that it will not take actions that could cause the Company to be ineligible for forgiveness of the loans, in whole or in part. |
|
|
60,401 |
|
|
|
103,900 |
|
| |
|
|
194,554 |
|
|
|
238,018 |
|
| Less current portion |
|
|
134,153 |
|
|
|
134,118 |
|
| Notes payable, long term, net of current portion |
|
$ |
60,401 |
|
|
$ |
103,900 |
|
|