OTHER SHORTTERM LIABILITIES EQUIPMENT LOAN	3 Months Ended
Mar. 31, 2023
OTHER SHORTTERM LIABILITIES EQUIPMENT LOAN
OTHER SHORT-TERM LIABILITIES - EQUIPMENT LOAN	NOTE 7 – OTHER SHORT-TERM LIABILITIES – EQUIPMENT LOAN On December 11, 2019, the Company entered into a loan for $1,500,000 within an initial maturity of 18 months to fund the purchase of equipment to use in its production. The loan did not have a stated interest rate, and, therefore, the Company calculated an imputed discount of $109,627, which was amortized over 18 months. As of December 31, 2022, the discount had been completely amortized. The loan is secured by the production equipment. On January 6, 2022, the first payment of $50,000 was made to the lender. The Company was granted forbearance with respect to further loan payments until the Company’s planned IPO was funded. On September 6, 2022, the Company executed a settlement agreement and mutual release with the lender providing for the full repayment of the outstanding loan balance of $1,450,000 with a cash payment of $250,000 and the issuance of 266,667 restricted shares of Hempacco common stock. As of March 31, 2023, and December 31, 2022, the principal balance of the loan was $0.

OTHER SHORTTERM LIABILITIES EQUIPMENT LOAN

3 Months Ended

Mar. 31, 2023

OTHER SHORTTERM LIABILITIES EQUIPMENT LOAN

OTHER SHORT-TERM LIABILITIES - EQUIPMENT LOAN

NOTE 7 – OTHER SHORT-TERM LIABILITIES – EQUIPMENT LOAN

On December 11, 2019, the Company entered into a loan for $1,500,000 within an initial maturity of 18 months to fund the purchase of equipment to use in its production. The loan did not have a stated interest rate, and, therefore, the Company calculated an imputed discount of $109,627, which was amortized over 18 months. As of December 31, 2022, the discount had been completely amortized. The loan is secured by the production equipment.

On January 6, 2022, the first payment of $50,000 was made to the lender. The Company was granted forbearance with respect to further loan payments until the Company’s planned IPO was funded. On September 6, 2022, the Company executed a settlement agreement and mutual release with the lender providing for the full repayment of the outstanding loan balance of $1,450,000 with a cash payment of $250,000 and the issuance of 266,667 restricted shares of Hempacco common stock. As of March 31, 2023, and December 31, 2022, the principal balance of the loan was $0.