NOTES PAYABLE

6 Months Ended

Jun. 30, 2022

NOTES PAYABLE

Note 3 - Notes Payable

NOTE 3 - NOTES PAYABLE

During the three-month period ended June 30, 2022, principal reductions on long term debt totaled $3,389,301, primarily due to the repayment of PPP loan and converting to common shares. During the three-month period ended June 30, 2022, increases to long term debt totaled $2,843,635 due mostly to equipment financing for reELEMENT Technologies and a mine development coal for Carnegie 2 expansion.

During the three-month period ended June 30, 2021, principal payments on long term debt totaled $722,676. During the three-month period ended June 30, 2021, increases to long term debt totaled $400,441, primarily from accrued interest on the senior convertible notes. The notes have a minimum offering amount of $12,500,000 and maximum of $25,000,000 and minimum investment of $500,000. The notes carry a 24-month term, 12.5% interest 10% warrant coverage and a conversion price of $1.05. The warrants have an exercise price of $1.50.