DEBT (Tables)

3 Months Ended

Mar. 31, 2023

Debt

Debt

	March 31, 2023		December 31, 2022
Loan and Security Agreement with Cherokee Financial, LLC: Secured note executed on February 15, 2015, at a fixed annual interest rate of 8% plus a 1% annual oversight fee, interest and oversight fee paid quarterly with principal due on February 15, 2020. Loan was extended for one year (until February 15, 2021) under the same terms and conditions as the original loan. The loan was further extended in February 2021 to February 15, 2022 with $100,000 added to the loan principal as a penalty and the annual interest rate increased to 10%. Loan was further extended in June 2022 (until February 15, 2023). Loan was paid in full on February 28, 2023.	$	0	$	1,000,000
2019 Term Loan with Cherokee Financial, LLC: Note at an annual fixed interest rate of 18% paid quarterly in arrears and a balloon payment due on February 15, 2020. Loan was extended in February 2020, until February 15, 2021 with a penalty of $20,000 added to the loan principal and, extended again in February 2021 to February 15, 2022 with another penalty of $20,000 added to the loan principal. Loan was extended in June 2022 (until February 15, 2023). Loan was paid in full on February 28, 2023.		0		240,000
November 2020 Shareholder Note: Term loan at 7% interest with the first interest only payment being made on February 4, 2021 and the final interest and $50,000 principal due on November 4, 2023.		50,000		50,000
December 2021 Shareholder Notes: Term loan with one non-affiliated shareholder at 7% interest until the loan is paid in full. Loan was amended to address additional amounts provided under the loan.		125,000		225,000
September 2022 Healgen Loan & Promissory Note: Term Loan with Healgen at a fixed rate of 1% per month compounded monthly. Loan was collateralized by first security interest in receivables, inventory, and all other assets with the exception of assets already encumbered. The Healgen loan was paid in full on February 28, 2023 (the closing of the Asset Sale to Healgen) and all interest was waived by Healgen.		0		715,000
Total Debt	$	175,000	$	2,230,000
Current portion	$	175,000	$	2,230,000