Quarterly report pursuant to Section 13 or 15(d)

ADVANCES ON FUTURE RECEIPTS

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ADVANCES ON FUTURE RECEIPTS
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
ADVANCES ON FUTURE RECEIPTS

6. ADVANCES ON FUTURE RECEIPTS

 

The Company has the following advances on future receipts as of March 31, 2022 and December 31, 2021:

 

Note   Issuance Date   Maturity Date   Interest Rate     Original Borrowing     Balance at March 31, 2022     Balance at December 31, 2021  
                                 
Note 1   October 29, 2021   April 28, 2022     5 %     2,120       288       1,299  
Note 2   October 29, 2021   July 25, 2022     28 %     3,808       1,813       2,993  
Note 3   December 23, 2021   June 22, 2022     5 %     689       344       689  
Total                   $ 6,617       2,445       4,981  
Debt discount                             (310 )     (800 )
Net                           $ 2,135     $ 4,181  

 

 

Note 1

 

On October 29, 2021, the Company received secured advances from an unaffiliated third party totaling $2,015 for the purchase of future receipts/revenues of $2,120. During the three months ended March 31, 2022, the Company paid $982 and amortized $52 of the debt discount. As of March 31, 2022, the outstanding balance of the note amounted to $288 and the unamortized balance of the debt discount was $18, the note was paid in full on April 28, 2022.

 

Note 2

 

On October 29, 2021, the Company received secured advances from an unaffiliated third party totaling $2,744 for the purchase of future receipts/revenues of $3,808. During the three months ended March 31, 2022, the Company paid $1,180 and amortized $419 of the debt discount. As of March 31, 2022, the outstanding balance of the note amounted to $1,813 and the unamortized balance of the debt discount was $275.

 

Note 3

 

On December 23, 2021, the Company received secured advances from an unaffiliated third party totaling $651 for the purchase of future receipts/revenues of $689. During the three months ended March 31, 2022, the Company paid $345 and amortized $19 of the debt discount. As of March 31, 2022, the outstanding balance of the note amounted to $344 and the unamortized balance of the debt discount was $17.