Debt

12 Months Ended

Dec. 31, 2021

Debt

Debt

Note 5 – Debt

Government Debt

On April 16, 2020, SLA LLC borrowed $37,000 from the Small Business Administration as part of the PPP in exchange for an unsecured promissory note at the rate of one percent (1%) per annum whereby the promissory note will be repaid over a period of twenty-four (24) months with the first payment due twelve months after the date of the loan. This loan was forgiven during June 2021.

On February 12, 2021, SLA LLC borrowed $37,500 from the Small Business Administration as part of the Paycheck Protection Program (“PPP”) in exchange for an unsecured promissory note at the rate of one percent (1%) per annum whereby the promissory note will be repaid over a period of sixty (60) months with the first payment due ten months after the date of the loan.  On December 31, 2021, SLA LLC owes $37,830 in principal and accrued interest.

This loan was forgiven during January 2022.

On June 13, 2020, SLA LLC borrowed $29,000 from the Small Business Administration in exchange for a secured promissory note at the rate of 3.75% per annum whereby the promissory note will be repaid over a period of thirty (30) years beginning with the first payment due twenty-four months after the date of the loan in the amount of $142 per month. The promissory note is collateralized by the tangible and intangible property of SLA LLC. At December 31, 2021, SLA LLC owes 30,614 in principal and accrued interest.  This loan was paid in full in March 2022.

Due to Related Party

On March 1, 2021, the Company’s majority shareholder loaned the Company $1,000,000 in order for the Company to acquire a 55% percent membership interest in SilverLight Aviation LLC in exchange for the Company issuing an unsecured promissory note at the rate of three percent (3%) per annum with all unpaid and accrued principal and interest due in full on March 1, 2023. At December 31, 2021, the Company owes $1,000,000 in principal plus accrued interest of $25,000.

During the twelve months ended December 31, 2021, the Company’s majority shareholder paid various expenses on behalf of the Company in the amount of $4,250 and at December 31, 2021 the Company owes the shareholder $4,250.

During the twelve months ended December 31, 2021, a shareholder and affiliate of an officer/director of the Company, paid various trade payables on behalf of the Company in the amount of $2,508. On March 9, 2021, the Company repaid in full its amount owed of $6,186.

During the twelve months ended December 31, 2021, the Company’s majority shareholder (affiliate of an officer/director of the Company) loaned $1,126,778 to the Company.  The company has paid back $31,499, therefore at December 31, 2021, the Company owes the shareholder $1,095,279.

During the twelve months ended December 31, 2021, the Company’s majority shareholder (affiliate of an officer/director of the Company) paid various trade payables on behalf of the Company in the amount of $82,810, therefore at December 31, 2021, the Company owes the shareholder $82,810.

During the twelve months ended December 31, 2021, an officer of the Company paid various expenses of the Company and at December 31, 2021, the Company owes the officer an amount of $52,905.