Annual report pursuant to Section 13 and 15(d)

Notes Payable (Tables)

v3.19.1
Notes Payable (Tables)
12 Months Ended
Dec. 31, 2018
Notes Payable  
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 payments due on convertible notes payable

Twelve months ended December 31,      
2019   $ -  
2020     13,000,000  
2021     -  
2022     1,261,686  
2023     860,000  
    $ 15,121,686  

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