| 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 |
|
| |
|
$ |
748,322 |
|
|