General form of registration statement for all companies including face-amount certificate companies

Debt (Tables)

v3.22.2
Debt (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
Schedule of Debt

As of March 31, 2022 and December 31, 2021, debt consisted of the following:

 

    As of     As of  
    March 31     December 31  
    2022     2021  
Long-term debt   $ 223,195     $ 1,566,598  
Short-term debt     —       2,000,000  
Line of credit     —       3,500,000  
Total notes payable     223,195       7,066,598  
Less: current portion     (139,534 )     (3,447,056 )
Less: line of credit     —       (3,500,000 )
Total notes payable, net of current portion   $ 83,661     $ 119,542  

As of December 31, 2021 and 2020 debt consisted of the following:

 

    As of     As of  
    December 31,     December 31,  
    2021     2020  
Long-term debt   $ 1,566,598     $ 5,677,505  
Short-term debt     2,000,000       7,745,843  
Related party notes payable     -       3,001,366  
Convertible Notes, net of subscriptions to members     -       8,254,390  
Payroll protection loan     -       1,669,552  
Other notes payable     -       212,066  
Line of credit     3,500,000       3,500,000  
Total notes payable     7,066,598       30,060,722  
Less: current portion     (3,447,056 )     (22,649,995 )
Less: line of credit     (3,500,000 )     (3,500,000 )
Notes payable, net of current portion     119,542       3,910,727  
Deferred financing fees     -       (36,492 )
Total notes payable, net   $ 119,542     $ 3,874,235  
Future Minimum Principal Payments of Debt

Future minimum principal payments on the notes payable are as of March 31, 2022:

 

         
2022 (for the remainder of)   $ 103,627  
2023     93,980  
2024     18,255  
2025     7,333  
2026     —  
Long-term Debt, Total   $ 223,195  

Future minimum principal payments on the notes payable as of December 31, 2021:

 

2     9  
2022   $ 6,947,056  
2023     93,943  
2024     18,267  
2025     7,332  
2026     -  
         
Long-term Debt, Total   $ 7,066,598