XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.22.2.2

DEBT (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Debt Disclosure [Abstract] |
SCHEDULE OF DEBT TABLE | The following table presents the details of the principal outstanding: SCHEDULE OF DEBT TABLE
|  | September 30, 2022 |  |  | December 31, 2021 |  |  | APR at September 30, 2022 |  |  | Maturity |  | Collateral
Notes payable (a) |  | $ | 5,357,792 |  |  | $ | 5,557,792 |  |  |  | 8.00 | % |  | September 2026 |  | Substantially all Company assets
Convertible Notes (b) |  |  | 1,300,000 |  |  |  | 1,300,000 |  |  |  | 6.00 | % |  | September 2023-January 2024 |  | -
PPP Loans (c) |  |  | 8,674 |  |  |  | 189,428 |  |  |  | 1.00 | % |  | April 2025 |  | -
Economic Impact Disaster loan |  |  | 150,000 |  |  |  | 150,000 |  |  |  | 3.75 | % |  | November 2052 |  | Substantially all Company assets
Total |  | $ | 6,816,466 |  |  | $ | 7,197,220 |  |  |  |  |  |  |  |  |
| (a) | The unpaid principal bears annual interest at the Wall Street Journal prime rate plus 1.75% per year.
| (b) | Included in Convertible Notes are loans provided to the Company from two directors, an officer and two investors. The notes each have the following terms: three-year subordinated convertible promissory note of principal face amounts. Subject to other customary terms, the Convertible Notes mature between September 2023 and January 2024 and bear interest at an annual rate of 6%, which is payable annually in cash or common stock, at the holder’s discretion. At any time after issuance and prior to or on the maturity date, the note is convertible at the option of the holder into shares of common stock at a conversion price of $15 per share.
| (c) | The Small Business Administration forgave approximately $178,000 of PPP loans during the nine-month period ended September 30, 2022, which was recognized as other income.
SCHEDULE OF INTEREST EXPENSE | SCHEDULE OF INTEREST EXPENSE
|  | For the nine-month period ended
|  | September 30, 2022 |  | September 30, 2021
Interest expense |  |  | 303,957 |  |  |  | 425,323 |
SCHEDULE OF FUTURE PRINCIPAL PAYMENTS | As of September 30, 2022, the expected future principal payments for the Company’s debt are due as follows: SCHEDULE OF FUTURE PRINCIPAL PAYMENTS
2022 –Remaining Period |  | $ | 201,049 |
2023 |  |  | 405,931 |
2024 |  |  | 1,736,147 |
2025 |  |  | 3,034,022 |
2026 and thereafter |  |  | 1,439,317 |
Total |  | $ | 6,816,466 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration