NOTES PAYABLE AND LOAN FACILITY (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
Short-Term Debt [Line Items] |
|
SCHEDULE OF LONG-TERM DEBT |
The
following table summarizes shareholder, convertible and contingently convertible notes payable:
SCHEDULE OF LONG-TERM DEBT
| |
| | | |
| | |
| |
June
30, | | |
December
31, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
Shareholder,
convertible and contingently convertible notes | |
$ | 309,500 | | |
$ | 1,241,895 | |
Accrued
interest | |
| 18,733 | | |
| 147,009 | |
Total shareholder notes and accrued interest | |
| 328,233 | | |
| 1,388,904 | |
| |
| | | |
| | |
Less:
current maturities | |
| (328,233 | ) | |
| (1,388,904 | ) |
| |
| | | |
| | |
Total long-term debt | |
$ | - | | |
$ | - | |
|
SCHEDULE OF RELATED PARTY DEBT |
The
following table summarizes related party debt:
SCHEDULE OF RELATED PARTY DEBT
| |
| | | |
| | |
| |
June
30, | | |
December
31, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
Rotman
Family convertible notes | |
$ | 1,967,737 | | |
$ | 1,967,737 | |
Rotman
Family nonconvertible notes | |
| 2,491,009 | | |
| 1,953,509 | |
Accrued
interest | |
| 490,022 | | |
| 384,238 | |
Debt
discount | |
| - | | |
| (27,083 | ) |
Long term debt, current | |
| 4,948,768 | | |
| 4,278,401 | |
Less:
current maturities | |
| (2,694,000 | ) | |
| (1,487,000 | ) |
| |
| | | |
| | |
Long term debt | |
$ | 2,254,768 | | |
$ | 2,791,401 | |
|
SCHEDULE OF MATURITIES OF NOTES PAYABLE |
Approximate
maturities for the succeeding years are as follows:
SCHEDULE OF MATURITIES OF NOTES PAYABLE
| |
| | |
Remainder
of 2022 | |
$ | 1,888,000 | |
2023 | |
| 1,342,000 | |
2024 | |
| 233,000 | |
2025 | |
| 36,000 | |
2026 | |
| 38,000 | |
Thereafter | |
| 1,411,768 | |
| |
| | |
Long term debt | |
$ | 4,948,768 | |
|
Rotman Family Convertible Notes [Member] |
|
Short-Term Debt [Line Items] |
|
SCHEDULE OF NOTES PAYABLE |
The
following table summarizes the Rotman Family Convertible Notes:
SCHEDULE OF NOTES PAYABLE
| |
| |
| | | |
| Carrying
Amount | |
| |
| |
| Principal | | |
| June
30, | | |
| December
31, | |
| |
Issue
Date | |
| Amount | | |
| 2022 | | |
| 2021 | |
Steven Rotman 8.00% note due July 2024 | |
07/18/19 | |
$ | 105,000 | | |
$ | 130,200 | | |
$ | 126,000 | |
Steven
Rotman 8.00% note due July 2024 | |
07/18/19 | |
$ | 105,000 | | |
$ | 130,200 | | |
$ | 126,000 | |
Gregory
Rotman 8.00% note due July 2024 | |
07/18/19 | |
| 55,207 | | |
| 68,472 | | |
| 66,264 | |
Steven
Rotman 5.00% note due July 2027 | |
07/18/19 | |
| 1,102,500 | | |
| 1,265,578 | | |
| 1,238,016 | |
Bernard
Rotman 5.00% note due July 2023 | |
07/18/19 | |
| 420,000 | | |
| 482,125 | | |
| 471,625 | |
Steven
Rotman 5.00% note due December 2021 | |
12/19/19 | |
| 100,000 | | |
| 112,708 | | |
| 110,208 | |
Steven
Rotman 5.00% note due February 2022 | |
02/02/20 | |
| 50,000 | | |
| 55,833 | | |
| 54,583 | |
Gregory
Rotman 5.00% note due June 2023 | |
06/03/21 | |
| 130,030 | | |
| 137,073 | | |
| 133,822 | |
Jamie
Rotman 5.00% note due August 2022 | |
08/17/21 | |
| 5,000 | | |
| 5,219 | | |
| 5,094 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
$ | 1,967,737 | | |
| 2,257,208 | | |
| 2,205,612 | |
| |
| |
| | | |
| | | |
| | |
Debt
Discount | |
| |
| | | |
| - | | |
| (27,083 | ) |
| |
| |
| | | |
| | | |
| | |
| |
| |
| | | |
$ | 2,257,208 | | |
$ | 2,178,529 | |
|
Rotman Family Non-convertible Notes [Member] |
|
Short-Term Debt [Line Items] |
|
SCHEDULE OF NOTES PAYABLE |
The
following table summarizes the Rotman Family Nonconvertible Notes:
SCHEDULE OF NOTES PAYABLE
| |
| |
| | | |
| Carrying
Amount | |
| |
| |
| Principal | | |
| June
30, | | |
| December
31, | |
| |
Issue
Date | |
| Amount | | |
| 2022 | | |
| 2021 | |
Steven Rotman 5.00% note due July 2027 | |
07/18/19 | |
$ | 367,500 | | |
$ | 421,859 | | |
$ | 412,672 | |
Steven
Rotman 5.00% note due July 2027 | |
07/18/19 | |
$ | 367,500 | | |
$ | 421,859 | | |
$ | 412,672 | |
Bernard
Rotman 5.00% note due July 2023 | |
07/18/19 | |
| 140,000 | | |
| 160,708 | | |
| 157,208 | |
Steven
Rotman 5.00% note due December 2022 | |
12/22/20 | |
| 1,048,000 | | |
| 1,141,442 | | |
| 1,115,243 | |
Steven
Rotman 5.00% note due March 2023 | |
03/31/21 | |
| 395,000 | | |
| 421,528 | | |
| 411,652 | |
Steven
Rotman 5.00% note due June 2023 | |
06/02/21 | |
| 3,009 | | |
| 3,172 | | |
| 3,097 | |
Blue
Oar 6.00% note due May 2023 | |
04/28/22 | |
| 600,000 | | |
| 542,851 | | |
| - | |
| |
| |
| | | |
| | | |
| | |
| |
| |
$ | 2,553,509 | | |
$ | 2,691,560 | | |
$ | 2,099,872 | |
|