Annual report pursuant to Section 13 and 15(d)

Paycheck Protection Plan loans and Economic Injury Disaster Loans (Tables)

v3.22.1
Paycheck Protection Plan loans and Economic Injury Disaster Loans (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of pay check protection plan loan balances

PPP loan balances at December 31, 2021 and 2020 consist of the following:

 

   

December 31,

2021

   

December 31,

2020

 
May 5, 2020, loan from Republic Bank of Arizona to Waste Consolidators, Inc., revised December 1, 2020. The note bore interest at 1% per annum, with with monthly principal and interest payments of $560 beginning December 15, 2020. Loan was forgiven by SBA on March 16, 2021.   $ -     $ 9,449  
                                
Total     -       9,449  
                 
Less: Current maturities     -       (6,658 )
                 
Long-term portion of paycheck protection plan loans   $ -     $ 2,791  
Schedule of EIDL loan balances

EIDL loan balance at December 31, 2021 and 2020 consist of the following:

 

   

December 31,

2021

   

December 31,

2020

 
July 9, 2020, WCI received an additional Economic Injury Disaster Loan, including accrued interest of $8,424 and $2,702 as of December 31, 2021 and 2022, 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 2022, and matures July 2050.   $ 158,324     $ 152,602  
                 
Less: Current maturities *     -       -  
                 
Long-term portion of economic injury disaster loan   $ 158,324       152,602  

 

* All payments in 2021 will offset accrued interest incurred in the deferral period and therefore the current maturity of principal is $0 at December 31, 2021.