Schedule of notes payable outstanding |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
$ |
1,550,000 |
|
|
|
|
|
|
|
|
|
|
Secured
promissory note which matures on August 25, 2022 and bears interest at 12% per annum. |
|
|
271,686 |
|
|
|
1,146,686 |
|
|
|
|
|
|
|
|
|
|
Unsecured
promissory note which matures on December 15, 2020, and bears interest at LIBOR + 500 per annum. |
|
|
13,000,000 |
|
|
|
13,000,000 |
|
|
|
|
|
|
|
|
|
|
Unsecured convertible
promissory notes which mature 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 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Total
convertible notes payable before discount |
|
|
15,121,686 |
|
|
|
15,696,686 |
|
|
|
|
|
|
|
|
|
|
Less
discounts |
|
|
(1,249,620 |
) |
|
|
(1,841,867 |
) |
Less
debt issuance costs |
|
|
(57,858 |
) |
|
|
(160,041 |
) |
|
|
|
|
|
|
|
|
|
Total
notes payable |
|
|
13,814,208 |
|
|
|
13,694,778 |
|
|
|
|
|
|
|
|
|
|
Less
current portion |
|
|
- |
|
|
|
4,050,000 |
|
|
|
|
|
|
|
|
|
|
Notes
payable, net of current portion |
|
$ |
13,814,208 |
|
|
$ |
9,644,778 |
|
|
Schedule of discounts and debt issuance costs |
Twelve
months ended December 31, |
|
Discounts |
|
|
Debt
issuance
costs
|
|
2019 |
|
$ |
612,690 |
|
|
$ |
31,559 |
|
2020 |
|
|
586,692 |
|
|
|
26,299 |
|
2021 |
|
|
19,596 |
|
|
|
- |
|
2022 |
|
|
19,596 |
|
|
|
- |
|
2023 |
|
|
11,046 |
|
|
|
- |
|
|
|
$ |
1,249,620 |
|
|
$ |
57,858 |
|
|