Annual report pursuant to Section 13 and 15(d)

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

v3.23.1
Paycheck Protection Plan loans and Economic Injury Disaster Loans (Tables)
 12 Months Ended
Dec. 31, 2022
Paycheck Protection Plan Loans And Economic Injury Disaster Loans  
Schedule of EIDL loan balances

EIDL loan balance at December 31, 2022 and 2021 consist of the following:

  

   

December 31,

2022

    

December 31,

2021

  
July 7, 2020, WCI received an additional Economic Injury Disaster Loan, including accrued interest of $11,160 and $8,424 as of December 31, 2022 and 2021, 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 January 7, 2023, and matures July 7, 2050.   $ 161,060     $ 158,324  
                 
Less: Current maturities *     (3,191 )     -  
                 
Long-term portion of economic injury disaster loan   $ 157,869       158,324  

 

* 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.