| Note 7 - Convertible Notes Payable |
The Company has the following convertible notes payable outstanding as of June 30, 2019 and December 31, 2018:
|
|
June 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. |
|
$ |
1,300,000 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Total convertible notes payable before discount |
|
|
3,150,000 |
|
|
|
1,850,000 |
|
|
|
|
|
|
|
|
|
|
Less discounts |
|
|
(275,646 |
) |
|
|
(89,430 |
) |
|
|
|
|
|
|
|
|
|
Convertible notes payable |
|
|
2,874,354 |
|
|
|
1,760,570 |
|
As of June 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 |
|
|
1,300,000 |
|
|
|
$ |
3,150,000 |
|
As of June 30, 2019, the remaining future amortization of discounts are as follows:
Twelve months ended June 30, |
|
Discounts |
|
2019 |
|
$ |
29,565 |
|
2020 |
|
|
59,129 |
|
2021 |
|
|
59,129 |
|
2022 |
|
|
59,129 |
|
2023 |
|
|
50,579 |
|
thereafter |
|
|
18,116 |
|
|
|
$ |
275,646 |
|
|