| scheduled of principal payments due on convertible notes payable |
|
|
| December 31,
|
|
| 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, and 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 unamortized discounts and debt issuance costs
|
|
| (394,878
| )
|
|
| (508,863
| )
|
|
|
|
|
|
|
|
|
|
|
| Total convertible notes payable
|
|
| 4,055,122
|
|
|
| 3,941,137
|
|
|
|
|
|
|
|
|
|
|
|
| Less current portion
|
|
| -
|
|
|
| (990,000
| )
|
|
|
|
|
|
|
|
|
|
|
| Convertible notes payable, net of current portion
|
| $
| 4,055,122
|
|
| $
| 2,951,137
|
|
|