Long-Term Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-Term Debt

NOTE 10: LONG-TERM DEBT

The following is a summary of the long-term debt as of September 30, 2020 and December 31, 2019:

		September 30, 2020 (unaudited)			December 31, 2019
Promissory notes - Kabbage	(a)	$	-		$	23,826
Promissory notes – Loan Builder	(b)		-			-
Other debt – in default	(c)		6,000			6,000
Yukti Securities Private Limited	(d)		4,500			4,660
Lathika Regunathan	(e)		-			-
Noor Qazi	(f)		48,831			50,562
Auto loan – ICICI Bank	(g)		20,034			25,662
Baxter Credit Union	(h)		100,000			100,000
USA Bank PPP	(i)		34,697			-
Working capital loan under UGECL	(j)		52,221			-
Total		$	266,283		$	210,710
Current portion			(165,427	)		(191,508	)
Long-term debt, net of current portion		$	100,856		$	19,202

(a)	Multiple monthly loan agreements with Kabbage. Each of these loans has a six-month duration with interest and fees spread over the 6 months.
(b)	Business loan agreement with LoanBuilder in August 2018 in the amount of $18,000, payable in 52 weekly payments of $409, including interest.
(c)	Note payable to an individual for $7,500, issued in May 2018 as consideration for services, due in June 2018, and bearing no interest. During the year ended December 31, 2018, the Company made a payment of $1,500 against the note and the Company has withheld payment of the remaining amount pending receipt of amounts due from the service provider.

(d)	Loan payable to Yukti Securities Private Limited is an unsecured loan which is due on demand.
(e)	Unsecured loan from Lathika Regunathan, individual, is due on demand. Was repaid in 2019.
(f)	Unsecured loan from Noor Qazi, individual, is due on demand.
(g)	Loan payable with ICICI Bank, secured by the vehicle the loan was taken for. Payments are monthly at $752, through maturity in May 2023. Of the amount outstanding, the following represents the maturity: Current (2020-2021) - $6,096; 2021-2023 - $13,938.
(h)	Revolving loan in the amount of $100,000 at 4% interest per annum due December 30, 2020. The loan is guaranteed by the CEO of the Company.
(i)	PPP loan from USA Bank, with interest accruing at 1% per annum. Amount is due in two years in May 2022.
(j)	Working capital loan from a bank (line of credit), accruing interest at 7.5% per annum. Amount is due in 36 equal payments after the first 12 months. The first draw down occurred September 2020. Maturities over the next four years are approximately – 2021 - $0; 2022 – 17,407; 2023- $17,407; 2024 - $17,407.

Interest expense on these notes for the nine months ended September 30, 2020 and 2019 are $8,867 and $6,336, respectively.