| SCHEDULE OF NOTES PAYABLE |
Notes
payable consists of the following:
SCHEDULE
OF NOTES PAYABLE
| | |
December 31, 2024 | | |
December 31, 2023 | | |
Maturity | |
Interest Rate | |
| Economic Injury Disaster Loan - originated in May 2020 | |
$ | 500,000 | | |
$ | 500,000 | | |
30 years | |
| 3.75 | % |
| Promissory note - originated in February 2021 | |
| 1,305,373 | | |
| 1,305,373 | | |
5 years | |
| 4.0 | % |
| Promissory note - originated in April 2021 (1) | |
| 676,693 | | |
| 676,693 | | |
1 year | |
| 12 | % |
| Promissory note - originated in July 2021 (1) | |
| 282,000 | | |
| 282,000 | | |
1 year | |
| 12 | % |
| Promissory note - originated in September 2021 | |
| 18,855 | | |
| 31,758 | | |
$1,383.56 monthly payment for 60 months | |
| 28 | % |
| Promissory note - originated in April 2022 | |
| 44,792 | | |
| 57,577 | | |
$1,695.41 monthly payment for 36 months | |
| 16.0 | % |
| Promissory note - originated in April 2022 | |
| - | | |
| 47,392 | | |
$7,250 daily payment for 168 days | |
| 25 | % |
| Promissory note - originated in July 2022 | |
| 34,597 | | |
| 43,579 | | |
$1,485.38 monthly payment for 60 months | |
| 18 | % |
| Promissory note - originated in July 2022 | |
| 42,848 | | |
| 67,333 | | |
$3,546.87 monthly payment for 36 months | |
| 10 | % |
| Promissory note - originated in August 2022 | |
| 15,534 | | |
| 20,797 | | |
$589.92 monthly payment for 60 months | |
| 8 | % |
| Promissory note - originated in October 2022 | |
| 786,397 | | |
| 1,081,032 | | |
$1,749.00 daily payment for 30 days | |
| 66 | % |
| Promissory note - originated in January 2023 | |
| 2,664 | | |
| 4,328 | | |
$237.03 monthly payment for 36 months | |
| 25 | % |
| Promissory note - originated in March 2023 | |
| 35,678 | | |
| 47,570 | | |
$1,521.73 monthly payment for 60 months | |
| 18 | % |
| Promissory note - originated in March 2023 | |
| 7,836 | | |
| 11,754 | | |
$559.25 monthly payment for 36 months | |
| 17 | % |
| Promissory note - originated in April 2023 | |
| 21,115 | | |
| 24,634 | | |
$3,999.00 monthly payment for 12 months | |
| 12 | % |
| Promissory note - originated in April 2023 | |
| 23,054 | | |
| 33,054 | | |
$3,918.03 monthly payment for 12 months | |
| 6 | % |
| Promissory note - originated in May 2023 | |
| - | | |
| 322,000 | | |
3 months | |
| 29 | % |
| Promissory note - originated in June 2023 | |
| 291,666 | | |
| 394,444 | | |
12 months | |
| 18 | % |
| Promissory note - originated in August 2023 | |
| 11,371 | | |
| 15,895 | | |
36 months | |
| 14 | % |
| Promissory note - originated in December 2023 | |
| 1,175,000 | | |
| 1,145,882 | | |
12 months | |
| 10 | % |
| | |
| 5,275,473 | | |
| 6,113,095 | | |
| |
| | |
| Less debt discount and debt issuance cost | |
| (528,132 | ) | |
| (1,053,637 | ) | |
| |
| | |
| | |
| 4,747,341 | | |
| 5,059,458 | | |
| |
| | |
| Less current portion of promissory notes payable | |
| 3,340,492 | | |
| 3,704,326 | | |
| |
| | |
| Long-term promissory notes payable | |
$ | 1,406,849 | | |
$ | 1,355,132 | | |
| |
| | |
| (1) |
Note
payable with outstanding balance of $676,693 matured on April 22, 2022. Note payable with outstanding balance of $282,000 matured
on July 27, 2022. The default annual interest rate of 16% becomes the effective interest rate on the past due principal and interest.
We are in communication with the lender. |
|