| Schedule of Notes Payable |
The
Company and its subsidiaries are party to a number of loans with third parties and affiliates. At March 31, 2022 (unaudited) and December
31, 2021, notes payable consisted of the following:
Schedule
of Notes Payable
Notes
Payable – Third Parties
| |
|
March 31, 2022
|
|
|
December 31, 2021
|
|
| |
|
|
|
|
|
|
| |
|
100,000 |
|
|
250,000 |
|
| 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. |
|
$ |
100,000 |
|
|
$ |
250,000 |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
|
|
291,557 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
23,325 |
|
|
|
400,800 |
|
| |
|
|
|
|
|
|
|
|
| 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 received 100 shares of InnovaQor’s Series B Preferred Stock held by the Company (see Note 13). |
|
|
- |
|
|
|
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. |
|
|
1,534,700 |
|
|
|
2,152,962 |
|
| |
|
|
|
|
|
|
|
|
| Note payable |
|
|
3,399,582 |
|
|
|
4,667,819 |
|
| Less current portion |
|
|
(3,399,582 |
) |
|
|
(4,667,819 |
) |
| Notes payable - third parties, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Notes Payable Related Parties |
At
March 31, 2022 (unaudited) and December 31, 2021, note payable - related party consisted of the following:
Schedule of Notes Payable Related Parties
| |
|
March 31,
2022 |
|
|
December 31,
2021 |
|
| |
|
|
|
|
|
|
| Loan payable to Christopher Diamantis |
|
$ |
2,877,000 |
|
|
$ |
2,127,000 |
|
| Less current portion of note payable, related party |
|
|
(2,877,000 |
) |
|
|
(2,127,000 |
) |
| Total note payable, related party, net of current portion |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Debentures |
The
carrying amount of all outstanding debentures with institutional investors as of March 31, 2022 (unaudited) and December 31, 2021 was
as follows:
Schedule of Debentures
| |
|
March 31,
2022 |
|
|
December 31,
2021 |
|
| |
|
|
|
|
|
|
| Debentures |
|
$ |
8,222,240 |
|
|
$ |
8,222,240 |
|
| Debentures |
|
|
|
|
|
|
|
|
| Less current portion |
|
|
(8,222,240 |
) |
|
|
(8,222,240 |
) |
| Debentures, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|