The
Company’s subsidiary had various loans outstanding on March 31, 2025 and December 31, 2024. All of these loans were short-term
in nature, with varying rates of interest and fees, and no set minimum monthly payments. All of these notes were in default as of March
31, 2025.
SCHEDULE OF DEBT
| | |
March 31, 2025 | | |
December 31, 2024 | |
| Fundbox (c) | |
$ | 50,464 | | |
$ | 50,464 | |
| Other | |
| 44,739 | | |
| 44,739 | |
| Can Capital (d) | |
| 144,684 | | |
| 144,684 | |
| Credit Line – Loan Builder(b) Current | |
| 54,524 | | |
| 54,524 | |
| Credit Line – Webster Bank(a) | |
| 99,994 | | |
| 99,994 | |
| Total loans payable | |
$ | 394,405 | | |
$ | 394,405 | |
| (a) |
The
maximum borrowing level under this unsecured facility is $100,000 at an interest rate of 2.5% over prime. This facility has no fixed
maturity date. |
| (b) |
The
maximum borrowing level on this facility is $150,000 with a fixed interest rate of 10%. This facility has no fixed maturity date. |
| (c) |
The
interest rate on this facility is 40% with a one-year maturity date of December 31, 2023. |
| (d) |
The
principal loan is for $150,000 with weekly loan payments due of $2,558 over a 78-month period. The effective interest rate on this
loan amounts to approximately 67% These are two combined loans that were for $199,500 & 33,000 with current balance for both
of $144,437 in default. |
|