Annual report pursuant to Section 13 and 15(d)

LOANS PAYABLE (Tables)

v3.22.1
LOANS PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2020
Loans Payable  
SCHEDULE OF LOANS PAYABLE

The Company’s loans payable are summarized below:

 

    December 31, 2020     December 31, 2019  
    Gross Principal Amount     Debt Discount     Loans Payable,
Net of Debt Discount		     Gross Principal Amount     Debt Discount     Loans Payable,
Net of Debt Discount		  
                                     
PPP Loan   $ 242,486     $     -     $ 242,486     $ -     $ -     $ -  
EIDL     94,000       -       94,000       -       -       -  
2020 Demand Loan     14,749       -       14,749       -       -       -  
2018 Demand Loan     -       -       -       6,678       -       6,678  
2018 Loan     301,559       -       301,559       352,395       -       352,395  
2017 Loan     15,115       -       15,115       67,491       -       67,491  
Land Loan     80,413       -       80,413       468,500       (16,762 )     451,738  
Total Loans Payable     748,322       -       748,322       895,064       (16,762 )     878,302  
Less: current portion     437,731       -       437,731       795,064       (13,345 )     781,719  
Loans Payable, non-current   $ 310,591     $ -     $ 310,591     $ 100,000     $ (3,417 )   $ 96,583  
SCHEDULE OF FUTURE MINIMUM PRINCIPAL PAYMENTS OF LOANS PAYABLE

Future minimum principal payments under the loans payable are as follows:

 

    Total  
Years ending December 31,   Payment  
2021   $ 437,731  
2022     217,091  
2023     2,037  
2024     2,105  
2025     2,195  
Thereafter     87,163  
 Total payment   $ 748,322