Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.21.1
Debt (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt

As of December 31, 2020 and December 31, 2019, debt consisted of the following:

 

    December 31,     December 31,  
    2020     2019  
Line of credit:                
Asset backed line of credit   $ 1,133,652     $ 472,567  
Receivables financing     367,301       -  
Debt issuance costs     -       (15,573 )
Total line of credit     1,500,953       456,995  
                 
Senior convertible notes payable:                
Senior convertible notes payable     1,428,161       1,428,161  
Convertible notes payable     591,104       -  
Debt issuance costs     (280,511 )     (366,666 )
Total long-term senior convertible notes payable     1,738,754       1,061,495  
Less: current portion of long-term notes payable     (577,260 )     -  
Noncurrent portion of long-term convertible notes payable     1,161,494       1,061,495  
                 
Notes payable:                
Notes payable     1,932,088       1,621,015  
Debt issuance costs     (34,997 )     (212,848 )
Total long-term debt     1,897,091       1,408,167  
Less: current portion of long-term debt     (1,301,212 )     (1,365,675 )
Noncurrent portion of long-term debt     595,879       42,492  
                 
Notes payable – related parties:                
Notes payable     2,827,512       3,282,021  
Debt issuance costs     (33,833 )     (1,686,352 )
Total notes payable – related parties:     2,793,679       1,595,669  
Less: current portion of long-term debt – related parties     (1,389,922 )     -  
Noncurrent portion of long-term debt – related parties   $ 1,403,757     $ 1,595,669  
Schedule of Maturities of Long-term Debt

The scheduled maturities of the debt for the next five years as of December 31, 2020, are as follows:

 

For the Years Ended December 31,   Amount  
2021   $ 4,852,023  
2022     1,987,520  
2023     1,440,275  
2024     -  
2025     -  
Thereafter     -  
    $ 8,279,818  
Less: debt discount     (349,341 )
    $ 7,930,477