Debt (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
At
December 31, 2022 and 2021, debt consisted of the following:
Schedule
of Debt
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|
December 31, 2022
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December 31, 2021
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| Notes payable- third parties |
|
$ |
2,917,390 |
|
|
$ |
4,667,819 |
|
| Loan payable – related party |
|
|
2,995,000 |
|
|
|
2,127,000 |
|
| Debentures |
|
|
8,622,240 |
|
|
|
8,222,240 |
|
| Total debt |
|
|
14,534,630 |
|
|
|
15,017,059 |
|
| Less current portion of debt |
|
|
(14,534,630 |
) |
|
|
(15,017,059 |
) |
| Total debt, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Notes Payable Third Parties |
At
December 31, 2022 and 2021, notes payable with third parties consisted of the following:
Notes
Payable – Third Parties
Schedule
of Notes Payable Third Parties
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December 31, 2022
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December 31, 2021
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| 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 |
|
| |
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| Notes payable to CommerceNet and Jay Tenenbaum in the original principal amount of $500,000 (the “Tegal Notes”). |
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291,557 |
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291,557 |
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| 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. |
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1,137,380 |
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1,450,000 |
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| Notes payable under the PPP loans issued on April 20, 2020 through May 1, 2020. |
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|
- |
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400,800 |
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| 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 15). |
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- |
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122,500 |
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| 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. |
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1,488,453 |
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2,152,962 |
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| Note payable |
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|
2,917,390 |
|
|
|
4,667,819 |
|
| Less current portion |
|
|
(2,917,390 |
) |
|
|
(4,667,819 |
) |
| Notes payable - third parties, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|
| Schedule of Notes Payable Related Parties |
At
December 31, 2022 and 2021, loan payable - related party consisted of the following:
Schedule
of Notes Payable Related Parties
| |
|
December 31, 2022
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December 31, 2021
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| Loan payable to Christopher Diamantis |
|
$ |
2,995,000 |
|
|
$ |
2,127,000 |
|
| Less current portion of loan payable, related party |
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|
(2,995,000 |
) |
|
|
(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 December 31, 2022 and 2021 was as follows:
Schedule
of Debentures
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|
December 31, 2022
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December 31, 2021
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| March 2017 Debenture |
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$ |
2,580,240 |
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|
$ |
2,580,240 |
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| 2018 Debentures |
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|
5,642,000 |
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|
5,642,000 |
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| October 2022 Debenture |
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|
400,000 |
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- |
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| Debentures, Gross |
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|
8,622,240 |
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|
8,222,240 |
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| Less current portion |
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|
(8,622,240 |
) |
|
|
(8,222,240 |
) |
| Debentures, net of current portion |
|
$ |
- |
|
|
$ |
- |
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|