Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.21.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Notes Payable - Financing Agreements

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

 

    March 31, 2021     December 31, 2020  
Notes Payable   Principal     Interest     Principal     Interest  
Third Party - Insurance Note 1   $ 16,486       7.75 %   $ 23,327       7.75 %
Third Party - Insurance Note 2     —       5.26 %     10,457       5.26 %
Third Party - Insurance Note 3     5,250       —       9,158       —  
Third Party - Insurance Note 4     215,654       —       —       —  
Total   $ 237,390             $ 42,942          

 
Schedule of Notes Payable - Finance Lease

At March 31, 2021, future minimum lease payments due under the equipment financing is as follows:

 

As of December 31,   Amount  
2021   $ 79,941  
2022     86,735  
2023     23,515  
Total minimum equipment financing payments   $ 190,191  
Less:  interest     (18,839 )
Total equipment financing at March 31, 2021   $ 171,352  
Less: current portion of equipment financing     (92,224 )
Long term portion of equipment financing   $ 79,128  
Schedule of Notes Payable - SBA Loan

Notes Payable – SBA Loan

 

    March 31, 2021   December 31, 2020  
Payable To   Principal   Interest   Principal     Interest  
                     
SBA loan   $ —       $ 1,410,270       1 %
Total     —         1,410,270          
Less current portion     —         (863,845 )        
Long term portion   $ —       $ 546,425