| 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 | |
| — | |
| |
$ | 223,195 | |
|
Future
minimum principal payments on the notes payable as of December 31, 2021:
| 2022 | |
$ | 6,947,056 | |
| 2023 | |
| 93,943 | |
| 2024 | |
| 18,267 | |
| 2025 | |
| 7,332 | |
| 2026 | |
| - | |
| | |
| | |
| |
$ | 7,066,598 | |
|