| Note 7 - Notes Payable |
The Company has the following convertible notes
payable outstanding as of March 31, 2019 and December 31, 2018:
| |
|
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 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 |
|
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable before discount |
|
|
1,850,000 |
|
|
|
1,850,000 |
|
| |
|
|
|
|
|
|
|
|
| Less discounts |
|
|
(84,531 |
) |
|
|
(89,430 |
) |
| |
|
|
|
|
|
|
|
|
| Notes payable |
|
|
1,765,469 |
|
|
|
1,760,570 |
|
As of March 31, 2019, scheduled principal payments
due on convertible notes payable are as follows:
| Twelve months ended March 31, |
|
|
|
| 2020 |
|
$ |
- |
|
| 2021 |
|
|
- |
|
| 2022 |
|
|
- |
|
| 2023 |
|
|
990,000 |
|
| 2024 |
|
|
860,000 |
|
| |
|
$ |
1,850,000 |
|
As of March 31, 2019,
future amortization of discounts are as follows:
| Twelve months ended December 31, |
|
Discounts |
|
| 2020 |
|
$ |
19,596 |
|
| 2021 |
|
|
19,596 |
|
| 2022 |
|
|
19,596 |
|
| 2023 |
|
|
19,596 |
|
| 2024 |
|
|
6,147 |
|
| |
|
$ |
84,531 |
|
|