XML 185 R56.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Schedule of Future Amortization of Loans Payable (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Short-Term Debt [Line Items]    
2024 $ 75,304  
2025 58,649  
2026 6,007  
Total Loan Payments 139,960  
Current Portion of Loan Payable (75,304) $ (66,486)
Non-Current Portion of Loan Payable 64,656 $ 143,960
Submersible SBA Loan [Member] | Paycheck Protection Program [Member]    
Short-Term Debt [Line Items]    
2024  
2025  
2026  
Total Loan Payments  
Current Portion of Loan Payable  
Non-Current Portion of Loan Payable  
Marlin Capital Solutions [Member]    
Short-Term Debt [Line Items]    
2024  
2025  
2026  
Total Loan Payments  
Current Portion of Loan Payable  
Non-Current Portion of Loan Payable  
Mercedes Benz [Member]    
Short-Term Debt [Line Items]    
2024 [1] 11,168  
2025 [1] 8,687  
2026 [1]  
Total Loan Payments [1] 19,855  
Current Portion of Loan Payable [1] (11,168)  
Non-Current Portion of Loan Payable [1] 8,687  
Navitas Credit Corp [Member]    
Short-Term Debt [Line Items]    
2024 [2] 16,629  
2025 [2] 15,845  
2026 [2] 6,007  
Total Loan Payments [2] 38,481  
Current Portion of Loan Payable [2] (16,629)  
Non-Current Portion of Loan Payable [2] 21,852  
Paycheck Protection Program [Member]    
Short-Term Debt [Line Items]    
2024  
2025  
2026  
Total Loan Payments  
Current Portion of Loan Payable  
Non-Current Portion of Loan Payable  
SSI [Member]    
Short-Term Debt [Line Items]    
2024 [3] 26,279  
2025 [3] 12,328  
2026 [3]  
Total Loan Payments [3] 38,607  
Current Portion of Loan Payable [3] (26,279)  
Non-Current Portion of Loan Payable [3] 12,328  
Navitas Credit Corp One [Member]    
Short-Term Debt [Line Items]    
2024 [4] 21,228  
2025 [4] 21,789  
2026 [4]  
Total Loan Payments [4] 44,839  
Current Portion of Loan Payable [4] (21,228)  
Non-Current Portion of Loan Payable [4] $ 21,789  
[1] On August 21, 2020, the Company executed an installment sales contract with Mercedes Benz Coconut Creek for the purchase of a 2019 Mercedes Benz Sprinter delivery van. The installment agreement is for $55,841 with a zero interest rate payable over 60 months with a monthly payment of $931 and is personally guaranteed by Mr. Carmichael. The loan balance as of December 31, 2023 was $19,855 and $31,023 as of December 31, 2022.
[2] On May 19, 2021, subsidiary BLU3, executed an equipment finance agreement to finance the purchase of certain plastic molding equipment through Navitas Credit Corp. (“Navitas”). The amount financed is $75,764 payable over 60 equal monthly installments of $1,611 (the “Navitas 1”). The equipment finance agreement contains customary events of default. The loan balance as of December 31, 2023 was $38,481 and $54,930 as of December 31, 2022.
[3] On June 29, 2022, SSI executed an equipment financing agreement with NFS Leasing (“NFS Leasing”) to secure replacement production molds. The total purchase price of the molds was $84,500 of which $63,375 was financed by NFS Leasing on August 15, 2022. The financing agreement has a 33 month term beginning in August 2022 with a monthly payment of $2,571. The financing agreement contains customary events of default, is guaranteed by the Company and NFS Leasing has a lien on all of the assets of SSI. The loan balance as of December 31, 2023 and December 31, 2022 was $38,607 and $60,804, respectively.
[4] On December 12, 2022, BLU3 executed an equipment finance agreement to finance the purchase of certain plastic molding equipment through Navitas Credit Corp. (“Navitas”). The amount financed is $63,689 payable over 36 equal monthly installments of $2,083 (“Navitas 2”). The equipment finance agreement contains customary events of default. The loan balance as of December 31, 2023 was $44,839 and $63,689 as of December 31, 2022.