Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.22.2.2
Debt (Tables)
9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Debt

As of September 30, 2022 and December 31, 2021, debt consisted of the following:

 

 

As of

 

 

As of

 

 

 

September 30

 

 

December 31

 

 

 

2022

 

 

2021

 

Long-term debt

 

$

4,077,380

 

 

$

1,566,598

 

Short-term debt

 

 

1,012,692

 

 

 

2,000,000

 

Line of credit

 

 

271,903

 

 

 

3,500,000

 

Total notes payable

 

 

5,361,975

 

 

 

7,066,598

 

Less: current portion

 

 

(1,559,139

)

 

 

(3,447,056

)

Less: debt issuance costs

 

 

(208,677

)

 

 

 

Less: line of credit

 

 

(123,191

)

 

 

(3,500,000

)

Total notes payable, net of current portion

 

$

3,470,968

 

 

$

119,542

 

Future Minimum Principal Payments of Debt

Future minimum principal payments on the notes payable are, as of September 30, 2022:

 

2022 (for the remainder of)

 

$

412,690

 

2023

 

 

1,532,927

 

2024

 

 

730,398

 

2025

 

 

1,061,858

 

2026

 

 

1,624,102

 

 

 

$

5,361,975