| Schedule of paycheck protection plan loan balances |
PPP
loan balances consist of the following:
Schedule
of paycheck protection plan loan balances
| |
|
September 30,
2021 |
|
|
December 31,
2020 |
|
| May 5, 2020, PPP loan from Republic Bank of Arizona to Waste Consolidators, Inc., revised December 1, 2020. The note bears interest at 1% per annum, with a revised maturation date of May 15, 2020, with monthly principal and interest payments of $560 beginning December 15, 2020. On March 16, 2021, WCI was notified of full forgiveness of the note. |
|
$ |
- |
|
|
$ |
9,449 |
|
| |
|
|
|
|
|
|
|
|
| February 17, 2021, Second PPP loan from the Bank of Southern California, with
accrued interest of $473
at September 30, 2021. The loan bears interest at 1% per annum and matures January
16, 2026. Mentor may apply for forgiveness for amounts disbursed for covered costs. Payment on any unforgiven amount begins
within ten months after last day of the loan forgiveness covered period (i) beginning on the date that is 8 weeks after the date
of disbursement and (ii) ending on the date that is 24 weeks after the date of disbursement. Subsequent to quarter end, on October
26, 2021, Mentor was notified of full forgiveness of the note, see Note 20. |
|
|
77,066 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total |
|
|
77,066 |
|
|
|
9,449 |
|
| |
|
|
|
|
|
|
|
|
| Less: Current maturities |
|
|
- |
|
|
|
(6,658 |
) |
| |
|
|
|
|
|
|
|
|
| Long-term portion of paycheck protection plan loans |
|
$ |
77,066 |
|
|
$ |
2,791 |
|
|
| Schedule of EIDL loan balances |
EIDL
loan balances at September 30, 2021 consist of the following:
Schedule
of EIDL loan balances
| |
|
September 30,
2021 |
|
|
December 31,
2020 |
|
| July 9, 2020, WCI received an additional Economic Injury Disaster Loan, including accrued interest of $5,513 and $2,502 as of September 30, 2021 and December 31, 2020, respectively. The note is secured by all tangible and intangible personal property of WCI, bears interest at 3.75% per annum, requires monthly installment payments of $731 beginning July 2021, and matures July 2050. |
|
$ |
156,862 |
|
|
$ |
152,602 |
|
| |
|
|
|
|
|
|
|
|
| Less: Current maturities* |
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Long-term portion of economic injury disaster loan |
|
$ |
156,862 |
|
|
$ |
152,602 |
|
| * |
All
payments through March of 2023 will offset accrued interest incurred in the deferral period and therefore the current maturity of
principal is $0 at September 30, 2021 and December 31, 2020. |
|