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Long-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of long-term debt | Schedule of long-term debt
|  | September 30, 2022 |  | December 31, 2021
Senior secured promissory notes – various investors. Monthly payments of interest only at 10% plus deferred interest of 5% accrued monthly to be paid at maturity. A minimum of one year interest is due at maturity. Matures the earlier of (a) May 15, 2023, (b) the closing of a qualified subsequent financing or (c) the closing of a change of control. The notes are senior to all other debt and are secured by substantially all assets of the Company. The notes included detachable warrants to purchase 482,268 shares of common stock at an exercise price of $3.32 per share (see Note 12 – Stockholders’ Equity). Debt issuance costs and discount totaling $1,287,160 at date of issuance were being amortized and recognized as additional interest expense over the term of the notes using the straight-line method because it was not substantially different from the effective interest rate method. We determined the expected life of the notes to be the contractual term. Interest expense related to these notes includes amortization of debt issuance costs and discount in the amount of $0 and $1,196,843, respectively, for the three months and nine months ended September 30, 2022. Paid in full in April 2022 |  | $ | — |  |  | $ | 1,600,000 |
Note payable – bank. Payable in monthly installments of $332, including interest at 5.8% per annum, due August 2025, secured by equipment and personally guaranteed by the current CEO. |  |  | 10,670 |  |  |  | 13,135 |
Note payable – credit union. Payable in monthly installments of $508, including interest at 5.45% per annum, due July 2026, secured by a vehicle and personally guaranteed by the current CEO. |  |  | 20,613 |  |  |  | 24,259 |
Note payable – SBA. Economic Injury Disaster Loan payable in monthly installments of $731, including interest at 3.75% per annum, due May 2050, and personally guaranteed by the current CEO. |  |  | 150,898 |  |  |  | 153,193 |
Note payable – individual. Monthly payments of interest only at 10% per annum, matured December 31, 2021 resulting in the entire principal balance recorded in current portion of long-term debt on the accompanying Balance Sheets; pursuant to the note, the past due balance is subject to 1% additional monthly interest which increases one percent for each month beyond maturity date, unsecured. The Company remained in compliance with the extended maturity interest payments; paid in full in April 2022 |  |  | — |  |  |  | 100,000 |
Note payable – finance company. Payable in monthly installments of $994, including interest at 8.5% per annum, due July 2026, secured by a vehicle and personally guaranteed by a shareholder. Paid in full September 2022. |  |  | — |  |  |  | 45,832 |
Note payable – finance company. Payable in monthly installments of $2,204, including interest at 11.21% per annum, due August 2026, secured by a vehicle and personally guaranteed by the current CEO. |  |  | 84,201 |  |  |  | 96,155 |
Notes payable – The Company has six and two notes payable to GM Financial for vehicles at September 30, 2022 and December 31, 2021. In April 2022, the Company secured a commercial line up to $300,000 to be used to finance vehicle purchases. The agreement expires in April 2023 but prevailing GM Financial existing term notes will remain. The notes are payable in aggregate monthly installments of $4,676, including interest at rates ranging from 5.89% to 7.29% per annum, mature at various dates from October 2027 to May of 2028, and are secured by the related vehicles. Two of the notes are personally guaranteed by the current CEO. |  |  | 258,012 |  |  |  | 94,890 |
Total |  | $ | 524,394 |  |  | $ | 2,127,464 |
Less unamortized debt issuance costs and discount |  |  | — |  |  |  | (1,196,843 | )
Less current portion |  |  | (70,285 | ) |  |  | (51,135 | )
Less note payable in default (paid April 2022) |  |  | — |  |  |  | (100,000 | )
Long-term debt, net of unamortized debt discount and current portion |  | $ | 454,109 |  |  | $ | 779,486 |
Schedule of long term debt payment | Schedule of long term debt payment
Years ending September 30,
2023 | $ | 70,285 |
2024 |  | 75,949 |
2025 |  | 81,805 |
2026 |  | 80,962 |
2027 |  | 56,410 |
Thereafter |  | 158,983 |
Total | $ | 524,394 |

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- 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
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