Quarterly report pursuant to Section 13 or 15(d)

Convertible Notes Payable (Tables)

v3.21.2
Convertible Notes Payable (Tables)
9 Months Ended
Sep. 30, 2021
Convertible Notes Payable (Tables)  
scheduled of principal payments due on convertible notes payable

 

 

September 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.

 

$

-

 

 

$

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

 

 

-

 

 

 

4,450,000

 

 

 

 

 

 

 

 

 

 

Less discounts and debt issuance costs

 

 

-

 

 

 

(394,878

)

 

 

 

 

 

 

 

 

 

Total convertible notes payable

 

 

-

 

 

 

4,055,122

 

 

 

 

 

 

 

 

 

 

Less current portion

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Convertible notes payable, net of current portion

 

$

-

 

 

$

4,055,122