NOTE 5. SHORT- AND LONG-TERM BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2021

NOTE 5. SHORT- AND LONG-TERM BORROWINGS

Schedule of short-term and long-term borrowings

Short-term and Long-term borrowings, consist of the following:	September 30,		December 31,
Short term debt;	2021		2020
Convertible Promissory Notes, bearing an annual interest rate of 12% secured, due 08/27/2019	$	112,259	$	97,259
Short-Term Note – Jean Mork Bredeson cash deficit holdback, 15%, past due		210,000		210,000
Short-Term Note – Jean Mork Bredeson purchase allocation, 15%, past due		1,409,169		1,409,169
Funding from the Payroll Protection Program, annual interest of 1%, due 04/24/2022		-		500,000
Convertible Promissory Notes, bearing an annual interest rate of 8% secured, due 08/07/2020		-		713,555
Total short-term debt	$	1,731,428	$	2,929,983

Long term debt;
Convertible Promissory Notes, bearing an annual interest rate of 5.0%, due 12/31/22		312,685			350,000
Funding from the SBA Program, annual interest of 3.75%, due 03/30/2051		150,000			-
Promissory Note – Jean Mork Bredeson, interest rate 5.5%, due 2/28/2022		2,100,000			2,100,000
Senior Secured Redeemable Debenture, bearing an annual interest rate of 16%, due 12/31/2021, long term		826,547			826,547
Total short-term and long-term borrowings, before debt discount		5,120,660			6,206,530
Less debt discount		(44,281	)		(123,967	)
Total short-term and long-term borrowings, net	$	5,076,379		$	6,082,563
Short-term and Long-term borrowings, consist of the following:
Short-term borrowings – net of discount	$	1,731,428		$	2,929,983
Long-term borrowings – net of discount		3,344,951			3,152,580
Total Short-Term and long term borrowings – net of discount	$	5,076,379		$	6,082,563