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Debt and Other Financing Arrangements (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt

Debt of the Company consisted of the following at December 31, 2022 and 2021:

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 Financing agreement with Imperial PFS that is unsecured. Down payment of $78,000 was required upfront and equal installment payments of $45,672 to be made over a 10 month period. The note matures on August 1, 2023. Annualized interest is 7.35%.

 

$

365,379

 

 

$

-

 

 

 

 

 

 

 

 

 Financing agreement with Imperial PFS that is unsecured. Down payment of $15,000 was required upfront and equal installment payments of $13,799 to be made over an 8 month period. The note matures on August 1, 2023. Annualized interest is 7.35%.

 

 

110,396

 

 

 

-

 

 

 

 

 

 

 

 

 Financing agreement with FlatIron capital that was unsecured. Down payment of $36,255 was required upfront and equal installment payments of $19,114 were made over a 10 month period. The note matured on May 1, 2022. Annualized interest was 3.95%.

 

 

-

 

 

 

114,688

 

 

 

$

475,775

 

 

$

114,688

 

 

 

 

 

 

 

 

Schedule of Principal Payments of Debt

Minimum required principal payments on the Company’s debt as of December 31, 2022 are as follows :

2023

 

$

475,775

 

 

 

$

475,775