Schedule of Notes Payable |
The
Company and its subsidiaries are party to a number of loans with third parties and affiliates. At March 31, 2022 (unaudited) and December
31, 2021, notes payable consisted of the following:
Schedule
of Notes Payable
Notes
Payable – Third Parties
| |
March 31, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
| |
100,000 | | |
250,000 | |
Settlement amount/loan payable to TCA Global Credit Master Fund, L.P. (“TCA”) in the original principal amount of $3 million at 16% interest (the “TCA Debenture”). Settled on September 30, 2021 for $500,000 pursuant to a payment plan as discussed below. | |
$ | 100,000 | | |
$ | 250,000 | |
| |
| | | |
| | |
Notes payable to CommerceNet and Jay Tenenbaum in the original principal amount of $500,000, bearing interest at 6% per annum (the “Tegal Notes”). Principal and interest payments due annually from July 12, 2015 through July 12, 2017. | |
| 291,557 | | |
| 291,557 | |
| |
| | | |
| | |
Note payable to Anthony O’Killough dated September 27, 2019 in the original principal amount of $1.9 million. Interest is due only upon event of default. Issued net of $0.3 million of debt discount and $0.1 million of financing fees. Payment due in installments through November 2020. | |
| 1,450,000 | | |
| 1,450,000 | |
| |
| | | |
| | |
Notes payable under the PPP loans issued on April 20, 2020 through May 1, 2020 bearing interest at a rate of 1% per annum. | |
| 23,325 | | |
| 400,800 | |
| |
| | | |
| | |
Notes payable dated January 31, 2021 and February 16, 2021 in the original aggregate amount of $245,000 due six months from the date of issuance. The notes bear interest at 10% for the period outstanding. Under the terms of the notes, the holder received 100 shares of InnovaQor’s Series B Preferred Stock held by the Company (see Note 13). | |
| - | | |
| 122,500 | |
| |
| | | |
| | |
Notes payable to Western Healthcare, LLC dated August 10, 2021, in the aggregate principal amount of $2.4 million, bearing interest at 18% per annum, payable in monthly installments aggregating $0.2 million, due August 30, 2022. | |
| 1,534,700 | | |
| 2,152,962 | |
| |
| | | |
| | |
Note payable | |
| 3,399,582 | | |
| 4,667,819 | |
Less current portion | |
| (3,399,582 | ) | |
| (4,667,819 | ) |
Notes payable - third parties, net of current portion | |
$ | - | | |
$ | - | |
|
Schedule of Notes Payable Related Parties |
At
March 31, 2022 (unaudited) and December 31, 2021, note payable - related party consisted of the following:
Schedule of Notes Payable Related Parties
| |
March 31, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
Loan payable to Christopher Diamantis | |
$ | 2,877,000 | | |
$ | 2,127,000 | |
Less current portion of note payable, related party | |
| (2,877,000 | ) | |
| (2,127,000 | ) |
Total note payable, related party, net of current portion | |
$ | — | | |
$ | — | |
|
Schedule of Debentures |
The
carrying amount of all outstanding debentures with institutional investors as of March 31, 2022 (unaudited) and December 31, 2021 was
as follows:
Schedule of Debentures
| |
March 31, 2022 | | |
December 31, 2021 | |
| |
| | |
| |
Debentures | |
$ | 8,222,240 | | |
$ | 8,222,240 | |
Debentures | |
| | | |
| | |
Less current portion | |
| (8,222,240 | ) | |
| (8,222,240 | ) |
Debentures, net of current portion | |
$ | - | | |
$ | - | |
|