Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v3.21.1
DEBT (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable - Financing Agreements

The Company’s notes payable relating to financing agreements classified as current liabilities consist of the following as of:


 

 

December 31, 2020

 

December 31, 2019

 

Notes Payable

 

Principal

 

 

 

Interest

 

Principal

 

 

 

Interest

 

Third Party - Insurance Note 1

 

$

23,327

 

 

 

7.75

%

 

$

28,500

 

 

 

7.31

%

 

Third Party - Insurance Note 2

 

 

10,457

 

 

 

5.26

%

 

 

—

 

 

 

6.36

%

 

Third Party - Insurance Note 3

 

 

9,158

 

 

 

—

 

 

 

13,799

 

 

 

—

 

 

Third Party - Insurance Note 4

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Total

 

$

42,942

 

 

 

 

 

 

$

42,299

 

 

 

  

 

Schedule of Future Minimum Lease Payments Under Finance Lease

At December 31, 2020, future minimum note payments due under the equipment financing agreements are as follows:


As of December 31,

Amount

 

2021

 

$

106,588

 

2022

 

 

86,735

 

2023

 

 

23,515

 

Total minimum equipment financing payments

 

$

216,838

 

Less:  interest

 

 

(24,034

)

Total equipment financing at December 31, 2020

 

$

192,804

 

Less: current portion of equipment financing

 

 

(89,620

)

Long-term portion of equipment financing

 

$

103,184

Notes Payable - Related Parties

Notes Payable – Related Parties


 

 

 

 

 

 

 

 

December 31, 2020

 

 

December 31, 2019

 

Payable To

 

 

 

 

 

 

 

Principal

 

 

Interest

 

 

Principal

 

 

Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related party

 

 

 

 

 

 

 

 

 

$

—

 

 

 

 

 

 

$

267,000

 

 

 

3%

 

Related party

 

 

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

 

733,000

 

 

 

3%

 

Total

 

 

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

 

1,000,000

 

 

 

 

 

Less unamortized discounts

 

 

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

 

(94,627

)

 

 

 

 

Total, net

 

 

 

 

 

 

 

 

 

$

—

 

 

 

 

 

 

$

905,373

 

 

 

 

Schedule of Notes Payable - SBA Loan

Notes Payable – SBA Loan


 

 

 

 

 

 

 

 

December 31, 2020

 

 

December 31, 2019

 

Payable To

 

 

 

 

 

 

 

Principal

 

 

Interest

 

 

Principal

 

 

Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBA loan

 

 

 

 

 

 

 

 

 

$

1,410,270

 

 

 

1%

 

 

$

—

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

1,410,270

 

 

 

 

 

 

 

—

 

 

 

 

 

Less current portion

 

 

 

 

 

 

 

 

 

 

(627,465

)

 

 

 

 

 

 

—

 

 

 

 

 

Long-term portion

 

 

 

 

 

 

 

 

 

$

782,805

 

 

 

 

 

 

$

—