| SCHEDULE OF DEBT |
Debt
as of March 31, 2025 (unaudited), and December 31, 2024*, was comprised of the following:
SCHEDULE OF DEBT
| | |
Short term notes | | |
Convertible notes, unsecured | | |
Current portion of long-term debt and capital lease obligations | | |
Long term debt | | |
Total | |
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| Balance December 31, 2024 | |
$ | 5,248,100 | | |
$ | 1,605,000 | | |
$ | 506,500 | | |
$ | 1,838,000 | | |
$ | 9,197,600 | |
| Increase in borrowing | |
| 64,200 | (1) | |
| - | | |
| - | | |
| - | | |
| 64,200 | |
| Principal reductions | |
| (315,700 | ) | |
| - | | |
| (800 | ) | |
| (1,500 | ) | |
| (318,000 | ) |
| Principal converted to common stock | |
| (225,000 | ) | |
| - | | |
| - | | |
| - | | |
| (225,000 | ) |
| Long term debt to current | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Amortization of debt discount | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
| Balance March 31, 2025 | |
$ | 4,771,600 | (2) | |
$ | 1,605,000 | | |
$ | 505,700 | | |
$ | 1,836,500 | (3) | |
$ | 8,718,800 | |
| |
(1) |
A)
An unsecured note payable of $52,200, dated January 1, 2025, interest at an annual rate of 9.75% interest and is payable in ten payments
ending in November of 2025. For the three months ended March 31, 2025, the Company recorded interest expense of $700. There was $0
accrued and unpaid interest as of March 31, 2025. B) A unsecured note payable of $12,000, dated February 21, 2025, interest at an
annual rate of 8% simple interest and matured on March 21, 2025. For the three months ended March 31, 2025, the Company recorded
interest expense of $100. There was $100 accrued and unpaid interest as of March 31, 2025. |
| |
(2) |
The
balance consists of $4,253,500 of secured notes, and $518,100 unsecured notes payable, of which $4,100,000 are in default. |
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(3) |
Secured
notes. |
|