| Schedule of Debt |
As of December 31, 2021 and 2020 debt consisted of the following:
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|
|
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As of |
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As of |
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|
December 31, |
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|
December 31, |
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|
|
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 as of December 31, 2021:
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|
|
|
2022 |
|
$ |
6,947,056 |
|
2023 |
|
|
93,943 |
|
2024 |
|
|
18,267 |
|
2025 |
|
|
7,332 |
|
2026 |
|
- |
|
|
|
|
|
|
|
$ |
7,066,598 |
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|