scheduled of principal payments due on convertible notes payable |
|
|
June 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
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. |
|
$ |
20,000 |
|
|
$ |
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 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
Total convertible notes payable before discount |
|
|
20,000 |
|
|
|
4,450,000 |
|
|
|
|
|
|
|
|
|
|
Less discounts and debt issuance costs |
|
|
- |
|
|
|
(394,878 |
) |
|
|
|
|
|
|
|
|
|
Total convertible notes payable |
|
|
20,000 |
|
|
|
4,055,122 |
|
|
|
|
|
|
|
|
|
|
Less current portion |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Convertible notes payable, net of current portion |
|
$ |
20,000 |
|
|
$ |
4,055,122 |
|
|