SHORT AND LONGTERM BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2022

SHORT AND LONGTERM BORROWINGS (Tables)

Schedule Of Short-term And Long-term Borrowings

Short-term and Long-term borrowings, consist of the following:	June 30,		December 31,
Short term debt;	2022		2021
Convertible Promissory Notes, bearing an annual interest rate of 24% secured, past due	$	112,259	$	112,259
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
Promissory Note – bearing annual interest rate of 3.25%		1,200,000		-
Convertible promissory note, related party interest rate 2.0%		1,350,000		1,500,000
Total short-term debt	$	4,281,428	$	3,231,428

Long term debt;
Funding from the SBA Program, annual interest of 3.75%, due 03/30/2051		150,000		150,000
Promissory Note – Jean Mork Bredeson, interest rate 5.5%, due 2/28/2022, past due		2,100,000		2,100,000
Senior Secured Redeemable Debenture, bearing an annual interest rate of 16%, due 12/31/2021, long term, past due		826,547		826,547
Total short-term and long-term borrowings, before debt discount		7,357,975		6,307,975
Less debt discount		150,000		(17,719	)
Total short-term and long-term borrowings, net	$	7,207,975	$	6,290,256
Short-term and Long-term borrowings, consist of the following:
Short-term borrowings – net of discount	$	4,131,438	$	3,231,428
Long-term borrowings – net of discount		3,076,547		3,058,828
Total Short-Term and long term borrowings – net of discount	$	7,207,975	$	6,290,256