Quarterly report pursuant to Section 13 or 15(d)

ADVANCES ON FUTURE RECEIPTS

v3.22.2.2
ADVANCES ON FUTURE RECEIPTS
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
ADVANCES ON FUTURE RECEIPTS

6. ADVANCES ON FUTURE RECEIPTS

 

The Company has the following advances on future receipts as of June 30, 2022 and December 31, 2021:

 

Note   Issuance
Date		   Maturity
Date		   Interest
Rate		     Original Borrowing     Balance at June 30,
2022		     Balance at December 31, 2021  
                                 
Note 1   October 29, 2021   April 28, 2022     5 %   $ 2,120     $ -     $ 1,299  
Note 2   October 29, 2021   July 25, 2022     28 %     3,808       589       2,993  
Note 3   December 23, 2021   June 22, 2022     5 %     689       -       689  
Total                   $ 6,617       589       4,981  
Debt discount                             (35 )     (800 )
Net                           $ 554     $ 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 six months ended June 30, 2022, the Company paid $1,270 and amortized $41 of the debt discount. The note was paid in full on April 28, 2022. As of June 30, 2022, the outstanding balance of the note was $0 and the unamortized balance of the debt discount was $0.

 

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 six months ended June 30, 2022, the Company paid $2,404 and amortized $659 of the debt discount. As of June 30, 2022, the outstanding balance of the note was $589, and the unamortized balance of the debt discount was $35. Subsequent to June 30, 2022, the remaining balance was paid in full.

 

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 six months ended June 30, 2022, the Company paid $689 and amortized $36 of the debt discount. The note was paid in full on June 22, 2022. As of June 30, 2022, the outstanding balance of the note was $0 and the unamortized balance of the debt discount was $0.