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DEBT (Tables)
 3 Months Ended
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