Debt (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
At
September 30, 2022 (unaudited) and December 31, 2021, debt consisted of the following:
Schedule
of Debt
| |
|
September 30, 2022
|
|
|
December 31, 2021
|
|
| |
|
|
|
|
|
|
| Notes payable- third parties |
|
$ |
3,119,505 |
|
|
$ |
4,667,819 |
|
| Loan payable – related party |
|
|
3,027,000 |
|
|
|
2,127,000 |
|
| Debentures |
|
|
8,222,240 |
|
|
|
8,222,240 |
|
| Total debt |
|
|
14,368,745 |
|
|
|
15,017,059 |
|
| Less current portion of debt |
|
|
(14,368,745 |
) |
|
|
(15,017,059 |
) |
| Total debt, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Notes Payable Third Parties |
At
September 30, 2022 (unaudited) and December 31, 2021, notes payable with third parties consisted of the following:
Notes
Payable – Third Parties
Schedule
of Notes Payable Third Parties
| |
|
September 30, 2022
|
|
|
December 31, 2021
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
- |
|
|
250,000 |
|
| Settlement amount/loan payable to TCA Global Credit Master Fund, L.P. (“TCA”) in the original principal amount of $3 million. Settled on September 30, 2021 for $500,000 pursuant to a payment plan as discussed below. |
|
$ |
- |
|
|
$ |
250,000 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable to CommerceNet and Jay Tenenbaum in the original principal amount of $500,000 (the “Tegal Notes”). |
|
|
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. |
|
|
1,339,495 |
|
|
|
1,450,000 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable under the PPP loans issued on April 20, 2020 through May 1, 2020. |
|
|
- |
|
|
|
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 bore interest at 10% for the period outstanding. Under the terms of the notes, the holder received 100 shares of InnovaQor’s Series B-1 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. |
|
|
1,488,453 |
|
|
|
2,152,962 |
|
| |
|
|
|
|
|
|
|
|
| Note payable |
|
|
3,119,505 |
|
|
|
4,667,819 |
|
| Less current portion |
|
|
(3,119,505 |
) |
|
|
(4,667,819 |
) |
| Notes payable - third parties, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Notes Payable Related Parties |
At
September 30, 2022 (unaudited) and December 31, 2021, loan payable - related party consisted of the following:
Schedule of Notes Payable Related Parties
| |
|
September 30, 2022
|
|
|
December 31, 2021
|
|
| |
|
|
|
|
|
|
| Loan payable to Christopher Diamantis |
|
$ |
3,027,000 |
|
|
$ |
2,127,000 |
|
| Less current portion of loan payable, related party |
|
|
(3,027,000 |
) |
|
|
(2,127,000 |
) |
| Total loan payable, related party, net of current portion |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Debentures |
The
carrying amount of all outstanding debentures with institutional investors as of September 30, 2022 (unaudited) and December 31, 2021
was as follows:
Schedule of Debentures
| |
|
September 30, 2022
|
|
|
December 31, 2021
|
|
| |
|
|
|
|
|
|
| Debentures |
|
$ |
8,222,240 |
|
|
$ |
8,222,240 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion |
|
|
(8,222,240 |
) |
|
|
(8,222,240 |
) |
| Debentures, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|