| Schedule of Notes Payable |
The
Company and its subsidiaries are party to a number of loans with third parties and affiliates. At December 31, 2021 and 2020, notes payable
consisted of the following:
Schedule of Notes Payable
Notes
Payable – Third Parties
| |
|
December 31,
2021
|
|
|
December 31,
2020
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
$ |
250,000 |
|
|
$ |
1,741,893 |
|
| Settlement amount/loan payable to TCA Global Credit Master Fund, L.P. (“TCA”)
in the original principal amount of $3
million at 16%
interest (the “TCA Debenture”). Settled on September 30, 2021 for $500,000
pursuant to a payment plan as discussed below. |
|
$ |
250,000 |
|
|
$ |
1,741,893 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable to CommerceNet and Jay Tenenbaum in the original principal amount of $500,000,
bearing interest at 6%
per annum (the “Tegal Notes”). Principal
and interest payments due annually from July 12, 2015 through July 12, 2017.
|
|
|
291,557 |
|
|
|
297,068 |
|
| |
|
|
|
|
|
|
|
|
| Note payable to Anthony O’Killough dated September 27, 2019 in the original principal amount of $1.9 million. Interest is due only upon event of default. Issued net of $0.3 million of debt discount and $0.1 million of financing fees. Payment due in installments through November 2020. |
|
|
1,450,000 |
|
|
|
1,450,000 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable under the PPP loans issued on April 20, 2020 through May 1, 2020 bearing interest at a rate of 1% per annum. To the extent not forgiven, principal and interest payments are due monthly beginning sixteen months from the date of issuance and the notes mature 40 months from the date of issuance.
|
|
|
400,800 |
|
|
|
2,385,921 |
|
| |
|
|
|
|
|
|
|
|
| Installment promissory note (the “Ponte Note”) dated January 29, 2020, less original
issue discount of $0.1
million, non-interest bearing, payable in weekly installment payments ranging from $22,500
to $34,000
due
on or before February 5, 2020 through on or before October 21, 2020, the maturity date. |
|
|
- |
|
|
|
108,350 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable dated January 31, 2021 and February 16, 2021 in the original aggregate amount of $245,000 due six months from the date of issuance. The notes bear interest at 10% for the period outstanding. Under the terms of the notes, the holder is to receive 100 shares of InnovaQor’s Series B Preferred Stock held by the Company. |
|
|
122,500 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Notes payable to Western Healthcare, LLC dated August 10, 2021, in the aggregate principal amount of $2.4 million, bearing interest at 18% per annum, payable in monthly installments aggregating $0.2 million, due August 30, 2022. |
|
|
2,152,962 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Note payable |
|
|
4,667,819 |
|
|
|
5,983,232 |
|
| Less current portion |
|
|
(4,667,819 |
) |
|
|
(4,786,976 |
) |
| Notes payable - third parties, net of current portion |
|
$ |
- |
|
|
$ |
1,196,256 |
|
|
| Schedule of Notes Payable Related Parties |
At
December 31, 2021 and December 31, 2020, note payable - related party consisted of the following:
Schedule of Notes Payable Related Parties
| |
|
December 31,
2021 |
|
|
December 31,
2020 |
|
| |
|
|
|
|
|
|
| Loan payable to Christopher Diamantis |
|
$ |
2,127,000 |
|
|
$ |
2,097,000 |
|
| Less current portion of note payable, related party |
|
|
(2,127,000 |
) |
|
|
(2,097,000 |
) |
| Total note payable, related party, net of current portion |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Debentures |
The
carrying amount of all outstanding debentures with institutional investors as of December 31, 2021 and 2020 was as follows:
Schedule of Debentures
| |
|
December 31,
2021 |
|
|
December 31,
2020 |
|
| |
|
|
|
|
|
|
| Debentures |
|
$ |
8,222,240 |
|
|
$ |
12,690,539 |
|
| Debentures, Gross |
|
|
8,222,240 |
|
|
|
12,690,539 |
|
| Less current portion |
|
|
(8,222,240 |
) |
|
|
(12,690,539 |
) |
| Debentures, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|