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 |
|
|