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LONG-TERM DEBT

6 Months Ended

Jun. 30, 2022

NOTE 10: LONG-TERM DEBT

The following is a summary of the long-term debt as of June 30, 2022 and December 31, 2021. Any long-term debt that were repaid or converted in 2021, are not listed, and details of which can be found in our Form 10-K filed March 31, 2022:

SCHEDULE OF LONG-TERM DEBT

		June 30, 2022			December 31, 2021
Other debt – in default	(a)	$	-		$	6,000
Auto loan – ICICI Bank	(d)		6,883			11,062
Baxter Credit Union	(e)		99,965			99,975
UGECL	(f)		39,478			49,776
Sixth Street Lending	(b)		68,513			-
Loan Builder	(g)		74,469			22,321
Loan Builder #2	(g)		47,837			-
Satin	(c)		52,696			55,890
Union Bank	(h)		50,983			-
Individual	(i)		25,000			-
SBA - Rohuma			10,000			10,000
Total		$	475,824		$	255,024
Discount			(4,185	)		-
Current portion			(345,373	)		(218,972	)
Long-term debt, net of current portion		$	126,266		$	36,052

(a)	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. The amount was settled in 2022.

(b)	On February 11, 2022, the Company entered into a $115,640 promissory note with Sixth Street Lending LLC. The promissory note contains an original issue discount of $12,390. Interest on the promissory note is eleven percent per annum (11%) and the promissory note matures February 11, 2023. The interest rate increases to 22% if an event of default occurs. The Company is to make mandatory monthly payments of $12,836 per month in ten installments beginning March 30, 2022. Should an event of default occur, the holder of the promissory note will have the right to convert any portion of the outstanding principal and interest at the lowest price on the preceding trading day. The Company has reserved 180,688 shares of common stock with the transfer agent to account for any potential conversions.

(c)	Unsecured amount due from a customer.

(d)	Loan payable with ICICI Bank, secured by the vehicle the loan was taken for. Payments are monthly at $752, through maturity in May 2023. The entire amount is included in current maturities.

(e)	Revolving loan in the amount of $100,000 at 4% interest per annum due December 30, 2020. The loan was renegotiated for a balance of $99,975 with similar terms at 4% interest per annum and is guaranteed by the CEO of the Company.

(f)	COVID line of credit from UGECL up to 4,000,000 INR in India, term of 48 months, interest only at 7.5% annual rate for first 12 months, then 36 equal instalments through maturity. Current (2022) $16,890; long-term (2023) $22,587.

(g)	In January 2022, the Company borrowed $125,000 unsecured loan due in 52 weekly payments of $2,805 inclusive of interest at approximately 10%. A portion of these proceeds were used to pay off the prior advance from Loanbuilder from 2021. In February 2022 the Company’s subsidiary Rohuma, borrowed $75,000 from Loanbuilder, both to be repaid in 52 weekly installments of $1,683.
(h)	Borrowed $50,000 with repayment commencing March 2024 through maturity in February 2027.

(i)	In May 2022, the Company borrowed $25,000 from an individual with interest at 12% per annum. The loan matures December 31, 2023. In February 2022 the Company’s subsidiary Rohuma, borrowed $75,000 from Loanbuilder, both to be repaid in 52 weekly installments of $1,683.

Interest expense on these notes for the six months ended June 30, 2022 and 2021 are $22,859 and $2,539, respectively.