| Schedule of Notes Payable |
The
carrying amount of notes payable as of September 30, 2021 and June 30, 2021 was as follows:
Schedule of Notes Payable
| |
|
Sep 30, |
|
|
June 30, |
|
| |
|
2021 |
|
|
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 2021 or 2020. |
|
$ |
134,153 |
|
|
$ |
134,153 |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
|
|
164,301 |
|
| |
|
|
194,554 |
|
|
|
298,454 |
|
| Less current portion |
|
|
134,153 |
|
|
|
134,153 |
|
| Notes payable, long term, net of current portion |
|
$ |
60,401 |
|
|
$ |
164,301 |
|
|
The
carrying amount of notes payable as of June 30, 2021 and 2020 was as follows
Schedule
of Notes Payable
| |
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
$ |
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 2021 or 2020. |
|
$ |
134,153 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
164,301 |
|
|
|
— |
|
| |
|
|
298,454 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Less current portion |
|
|
134,153 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Notes payable, long term, net of current portion |
|
$ |
164,301 |
|
|
$ |
— |
|
In
July, 2021, Evolve Bank and Trust Company and the Small Business Administration, forgave $103,900 respectively of Paycheck Protection
Program Loans (PPP Loans) and related interest.
|