| Schedule of Notes Payable |
The
carrying amount of notes payable as of September 30, 2022 and December 31, 2021 was as follows:
Schedule
of Notes Payable
| |
|
September 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 |
|
| Loans from Related Parties and Companies due September and December, 2022. Original issue discount of $108,452; 25 shares of Series C-1 Preferred Stock issued in connection with the loan; unamortized debt discount of $42,748 at September 30, 2022. $105,710 in default at September 30, 2022. |
|
|
982,381 |
|
|
|
- |
|
| 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 |
|
| Notes payable |
|
|
1,176,935 |
|
|
|
194,554 |
|
| Less current portion |
|
|
1,116,534 |
|
|
|
134,153 |
|
| Notes payable, long term, net of current portion |
|
$ |
60,401 |
|
|
$ |
60,401 |
|
|