PURCHASE RECEIVABLES

12 Months Ended

Dec. 31, 2021

Purchase Receivables

PURCHASE RECEIVABLES

10. PURCHASE RECEIVABLES

In October, November, and December of 2021, Seaport Group Enterprises LLC and CapCall entered into a revenue based factoring agreement and received an aggregate of $1,000,000 in exchange for $1,300,000 of future receipts relating to monies collected from customers or other third-party payors. Under the terms of the agreement, the Company is required to make payments of $21,500, $13,000 and $8,995. As of December 31, 2021 the balance was $1,118,125.

In November 2021, Seaport Group Enterprises LLC and Fox Capital entered into a revenue based factoring agreement and received an aggregate of $475,000 in exchange for $607,500 of future receipts relating to monies collected from customers or other third-party payors. Under the terms of the agreement, the Company is required to make daily payments to $4,050. As of December 31, 2021 the balance was $585,500.

The following table presents a summary of the Company’s purchase receivables with unrelated third parties as of December 31, 2021:

Vendor	Amount		Issuance Date	Balance
Cap Call	$	1,000,000	3 loans 2020	$	1,118,125
Fox Capital		607,500	12/1/20		585,500
	$	1,607,500		$	1,703,625

As of December 31, 2020, the Company had a total of $1,703,625 of purchase receivables.