Quarterly report pursuant to Section 13 or 15(d)

Convertible Notes Payable (Tables)

v3.20.2
Convertible Notes Payable (Tables)
9 Months Ended
Sep. 30, 2020
Convertible Notes Payable  
scheduled of principal payments due on convertible notes payable

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Secured convertible promissory notes which mature upon the retirement of the New AC Midwest Secured Debt (see Note 9), bear interest at 10% per annum, are convertible into shares of common stock at $0.50 per share, and are secured by the assets of the Company.

 

$

 

990,000

 

 

 

$

 

990,000

 

 

 

 

 

 

 

 

 

 

 

Unsecured convertible promissory notes which mature beginning on June 15, 2023 through October 31, 2023, bear interest at 12% per annum, and are convertible into shares of common stock at $0.50 per share.

 

 

860,000

 

 

 

 

860,000

 

 

 

 

 

 

 

 

 

 

 

Unsecured convertible promissory notes which mature beginning on June 18, 2024 through October 23, 2024, bear interest at 12% per annum, and are convertible into shares of common stock at $0.50 per share.

 

 

2,600,000

 

 

 

 

2,600,000

 

 

 

 

 

 

 

 

 

 

 

Total convertible notes payable before discount

 

 

4,450,000

 

 

 

 

4,450,000

 

 

 

 

 

 

 

 

 

 

 

Less discounts and debt issuance costs

 

 

(423,622

 

)

 

 

 

(508,863

 

)

 

 

 

 

 

 

 

 

 

 

Total convertible notes payable

 

 

4,026,378

 

 

 

 

3,941,137

 

 

 

 

 

 

 

 

 

 

 

Less current portion

 

 

-

 

 

 

 

(990,000

 

)

 

 

 

 

 

 

 

 

 

 

Convertible notes payable, net of current portion

 

$

 

4,026,378

 

 

 

$

 

2,951,137

 

 

Schedule of future amortization of discounts

Twelve months ended September 30,

 

Discounts

 

2021

 

$

 

114,040

 

 

2022

 

 

114,040

 

 

2023

 

 

110,721

 

 

2024

 

 

82,912

 

 

2025

 

 

1,909

 

 

 

 

$

 

423,622

 

 

Schedule of payments due on convertible notes payable

Twelve months ended September 30,

 

 

 

2021

 

$

 

-

 

 

2022

 

 

990,000

 

 

2023

 

 

760,000

 

 

2024

 

 

1,925,000

 

 

2025

 

 

775,000

 

 

 

 

$

 

4,450,000