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v3.22.1

DEBT (Tables) | 3 Months Ended
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Mar. 31, 2022
DEBT |
Summary of Debt |
March 31, 2022 |  | Loan Facility |  |  | Trade Facility |  |  | Third Party |  |  | COVID Loans |  |  | Total |
Beginning balance |  | $ | 1,299,784 |  |  | $ | 6,207,010 |  |  | $ | 10,077,977 |  |  | $ | 234,117 |  |  | $ | 17,818,888 |
Proceeds |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Payments |  |  | (124,242 | ) |  |  | (107,894 | ) |  |  | (2,030,814 | ) |  |  |  |  |  |  | (2,262,950 | )
Conversion of debt |  |  | (1,190,000 | ) |  |  | - |  |  |  |  |  |  |  | - |  |  |  | (1,190,000 | )
Recapitalized upon debt modification |  |  | - |  |  |  | (198,040 | ) |  |  | (1,204,356 | ) |  |  | - |  |  |  | (1,402,396 | )
Accretion of debt |  |  | 78,445 |  |  |  | - |  |  |  |  |  |  |  | - |  |  |  | 78,445 |
Foreign currency translation |  |  | 54,861 |  |  |  | (41,505 | ) |  |  | (21,433 | ) |  |  | (5,029 | ) |  |  | (13,106 | )
Subtotal |  |  | 118,848 |  |  |  | 5,859,571 |  |  |  | 6,821,374 |  |  |  | 229,088 |  |  |  | 13,028,881 |
Notes payable - long-term |  |  | - |  |  |  | - |  |  |  | (6,664,025 | ) |  |  | (221,781 | ) |  |  | (6,885,806 | )
Notes payable - short-term |  | $ | 118,848 |  |  | $ | 5,859,571 |  |  | $ | 157,349 |  |  | $ | 7,307 |  |  | $ | 6,143,075 |
December 31, 2021 |  | Loan Facility |  |  | Trade Facility |  |  | Third Party |  |  | COVID Loans |  |  | Total |
Beginning balance |  | $ | 3,302,100 |  |  | $ | 6,446,000 |  |  | $ | 12,631,284 |  |  | $ | 435,210 |  |  | $ | 22,814,594 |
Proceeds |  |  | - |  |  |  | - |  |  |  | 565,900 |  |  |  | - |  |  |  | 565,900 |
Payments |  |  | (141,475 | ) |  |  | (57,835 | ) |  |  | (62,878 | ) |  |  | (3,233 | ) |  |  | (265,421 | )
Conversion of debt |  |  | (1,606,500 | ) |  |  | - |  |  |  | (3,010,000 | ) |  |  | - |  |  |  | (4,616,500 | )
Recapitalized upon debt modification |  |  | (86,670 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (86,670 | )
Debt forgiveness |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (169,770 | ) |  |  | (169,770 | )
Foreign currency translation |  |  | (167,671 | ) |  |  | (181,155 | ) |  |  | (46,329 | ) |  |  | (28,090 | ) |  |  | (423,245 | )
Subtotal |  |  | 1,299,784 |  |  |  | 6,207,010 |  |  |  | 10,077,977 |  |  |  | 234,117 |  |  |  | 17,818,888 |
Notes payable - long-term |  |  | - |  |  |  | (2,450,000 | ) |  |  | (9,854,906 | ) |  |  | (51,478 | ) |  |  | (12,356,384 | )
Notes payable - short-term |  | $ | 1,299,784 |  |  | $ | 3,757,010 |  |  | $ | 223,071 |  |  | $ | 182,639 |  |  | $ | 5,462,504 |
Summary of Outstanding Debt |
Our outstanding debt as of March 31, 2022 is repayable as follows:
|  | March 31, 2022 |
2022 |  | $ | 4,116,483 |
2023 |  |  | 9,699,419 |
2024 |  |  | 253,694 |
2025 |  |  | 227,261 |
2026 and thereafter |  |  | 140,923 |
Total debt |  |  | 14,437,780 |
Less: fair value adjustments to assumed debt obligations |  |  | (1,408,899 | )
Less: notes payable - current portion |  |  | (6,143,075 | )
Notes payable - long term portion |  | $ | 6,885,806 |

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