Quarterly report pursuant to Section 13 or 15(d)

Convertible Notes Payable

v3.19.3
Convertible Notes Payable
9 Months Ended
Sep. 30, 2019
Convertible Notes Payable  
Note 7 - Convertible Notes Payable

The Company has the following convertible notes payable outstanding as of September 30, 2019 and December 31, 2018:

 

 

September 30

 

December 31

 

2019

 

2018

 

Secured convertible promissory notes which mature upon the retirement of the New AC Midwest Secured Debt, bear interest at 10% per annum, and are convertible into one share of common stock, par value $0.001 per share.

 

$

990,000

 

$

990,000

 

Unsecured convertible promissory notes which mature beginning on June 15, 2023, bear interest at 12% per annum, and are convertible into one share of common stock, par value $0.001 per share.

 

860,000

 

860,000

 

Unsecured convertible promissory notes which mature beginning on June 18, 2024, bear interest at 12% per annum, and are convertible into one share of common stock, par value $0.001 per share.

 

$

1,825,000

 

$

-

 

Total convertible notes payable before discount

 

3,675,000

 

1,850,000

 

Less discounts and debt issuance costs

 

(413,099

)

 

(89,430

)

 

Convertible notes payable

 

3,261,901

 

1,760,570

 

As of September 30, 2019, remaining scheduled principal payments due on convertible notes payable are as follows: 

 

Twelve months ended December 31,

 

2019

 

$

-

 

2020

 

-

 

2021

 

-

 

2022

 

990,000

 

2023

 

860,000

 

thereafter

 

1,825,000

 

$

3,675,000

 

As of September 30, 2019, the remaining future amortization of discounts debt issuance costs are as follows:

 

Twelve months ended September 30,

 

Discounts

 

2019

 

$

22,413

 

2020

 

90,387

 

2021

 

90,387

 

2022

 

90,387

 

2023

 

82,318

 

thereafter

 

37,207

 

$

413,099