| Schedule of Notes Payable |
The
carrying amount of notes payable as of June 30, 2023 and December 31, 2022 was as follows:
Schedule
of Notes Payable
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| 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 2023 or 2022. |
|
$ |
134,153 |
|
|
$ |
134,153 |
|
| |
|
|
|
|
|
|
|
|
| Loans from Related Parties and Companies due December 2022 ($13,162
in default) and December 31, 2023. Original issue discount of $160,608
which is fully amortized at June 30, 2023,
25 shares of Series C-1 Preferred Stock issued in connection with theses loans. |
|
|
1,470,414 |
|
|
|
1,438,269 |
|
| |
|
|
|
|
|
|
|
|
| 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 believes it
used 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 |
|
| Notes payable |
|
|
1,664,968 |
|
|
|
1,632,823 |
|
| Less current portion |
|
|
1,604,567 |
|
|
|
1,572,422 |
|
| Notes payable, long term, net of current portion |
|
$ |
60,401 |
|
|
$ |
60,401 |
|
|