Annual report pursuant to Section 13 and 15(d)

Notes Payable and Interest Expense (Tables)

v3.22.1
Notes Payable and Interest Expense (Tables)
12 Months Ended
Dec. 31, 2021
Notes Payable and Interest Expense [Abstract]  
Schedule of Notes Payable The following table presents details of our notes payable as of December 31, 2021 and 2020: Facility Maturity Interest Rate Balance at December 31, 2021 Balance at ‎December 31,‎2020BDC Term Loan October 15, 2021 23.5% $ — $ 160,088ACOA Note February 1, 2024 — 76,642 111,430Wintrust Bank November 1, 2021 Prime + 1.5% — 366,666TD Bank December 31, 2022 — 31,496 31,390Chase Bank April 10, 2022 1% — 891,103Related Party Notes various 15% 3,318,242 580,000Total Debt 3,426,380 2,140,677Less current portion (888,583) (641,676)Long-term debt, net of current portion $ 2,537,797 $ 1,499,001
Schedule of Principal Payments on Notes Payable Principal payments on notes payables are due as follows: Year ending December 31,Amount2022$ 1,106,6762023 1,808,5232024 447,2312025 63,9502026 —Thereafter — Total future debt payments 3,426,380
Summary of Interest Expense The following table summarizes interest expense for the years ended December 31, 2021 and 2020: December 31, 2021 2020Interest expense$ 267,966 $ 286,896Total interest expense$ 267,966 $ 286,896