Annual report pursuant to Section 13 and 15(d)

ADVANCES ON FUTURE RECEIPTS (Tables)

v3.22.1
ADVANCES ON FUTURE RECEIPTS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
SCHEDULE OF ADVANCES ON FUTURE RECEIPTS

The Company has the following advances on future receipts as of December 31, 2021:

 

SCHEDULE OF ADVANCES ON FUTURE RECEIPTS 

Note   Issuance Date   Maturity Date   Interest Rate     Original Borrowing     Balance at December 31, 2021     Balance at December 31, 2020  
                                 
Note A   June 30, 2020   February 25, 2021     28 %   $ 506,000     $ -     $ 89,000  
Note B   June 30, 2020   February 25, 2021     28 %     506,000       -       88,000  
Note C   October, 29, 2021   April 28, 2022     5 %     2,120,000       1,299,000       -  
Note D   October 29, 2021   July 25, 2022     28 %     3,808,000       2,993,000       -  
Note E   December 23, 2021   June 22, 2022     5 %     689,000       689,000       -  
Other   January 13,2021 – June 30, 2021   September 10, 2021 – March 1, 2022    

3% – 28

 %    

9,355,000

      

-

      

-

  
Total                   $ 16,984,000       4,981,000       177,000  
Debt discount                             (800,000 )     (67,000 )
Net                           $ 4,181,000     $ 110,000