| Schedule of Long-term Notes Payable |
Long Term Notes Payable
|
|
|
December 31, 2021 |
|
June 30, 2021 | |
Note payable with a bank bearing interest at 4% and maturing on June 26, 2020. The note was renewed by the lender with a revised maturity of June 26, 2021 and an interest rate of 3%. In July 2021, the note was renewed by the lender with a revised maturity date of July 7, 2026. The renewal provides for monthly interest payments and a balloon payment of outstanding principal and interest at maturity. The note is collateralized by a certificate of deposit owned by a related party. |
|
$ |
223,823 |
|
$ |
237,039 | |
|
|
|
|
|
|
| |
Note payable to an investor bearing interest at 10% and maturing on January 13, 2022 with monthly installments of principal and interest of $45,294 beginning in June 2021. |
|
|
100,845 |
|
|
348,456 | |
|
|
|
|
|
|
| |
Long term loan under Section 7(b) of the Economic Injury Disaster Loan program bearing interest at 3.75% and maturing in May 2050. Monthly installments of principal and interest of $731 begin upon notification by the SBA regarding note servicing. |
|
|
150,000 |
|
|
150,000 | |
|
|
|
|
|
|
| |
Financing lease liabilities for offices and warehouses with monthly installments of $22,723 (ranging from $245 to $9,664) over terms expiring through December 2024. |
|
|
222,336 |
|
|
208,051 | |
|
|
|
|
|
|
| |
Note payable with a finance company for delivery vehicle with monthly installments totaling $679 including interest at 8.99% over a 6 year term expiring in December 2025. |
|
|
28,241 |
|
|
31,016 | |
|
|
|
|
|
|
| |
Note payable with a bank for delivery vehicle with monthly installments totaling $844 including interest at 6% over a 4 year term expiring in August 2025. |
|
|
33,662 |
|
|
- | |
|
|
|
|
|
|
| |
Note payable with a finance company for delivery vehicle with monthly installments totaling $948 including interest at 5.9% over a 6 year term expiring in January 2027. |
|
|
56,717 |
|
|
- | |
|
|
|
|
|
|
| |
Note payable to an investor bearing interest at 12% and maturing on May 26, 2023 with monthly installments of principal and interest of $120,185 beginning in May 2022. |
|
|
1,222,222 |
|
|
- | |
|
|
|
|
|
|
| |
Total Notes Payable |
|
|
2,037,846 |
|
|
974,562 | |
|
|
|
|
|
|
| |
Less: Unamortized original issue discount |
|
|
115,432 |
|
|
17,500 | |
|
|
|
|
|
|
| |
Current Portion of Notes Payable |
|
|
1,147,856 |
|
|
552,055 | |
|
|
|
|
|
|
| |
Long-term Portion of Notes Payable |
|
$ |
774,558 |
|
$ |
405,007 |
|
| Schedule of Minimum Future Principal Payments |
Future minimum principal payments on the long-term notes payable to unrelated parties are as follows:
|
Period ending December 31, |
|
|
| |
|
2022 |
|
$ |
1,147,856 | |
|
2023 |
|
|
513,508 | |
|
2024 |
|
|
103,336 | |
|
2025 |
|
|
86,431 | |
|
2026 |
|
|
42,149 | |
|
Thereafter |
|
|
144,566 | |
|
|
|
$ |
2,037,846 |
|