| Note 8 - Convertible Notes Payable |
The Company has the following convertible notes payable outstanding as of June 30, 2020 and December 31, 2019: |
|
| June 30,
|
|
| December 31,
|
|
|
|
| 2020
|
|
| 2019
|
|
|
|
|
|
|
|
|
|
| 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
|
|
| $
| 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
|
|
|
| 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
|
|
|
| 2,600,000
|
|
|
|
|
|
|
|
|
|
|
|
| Total convertible notes payable before discount
|
|
| 4,450,000
|
|
|
| 4,450,000
|
|
|
|
|
|
|
|
|
|
|
|
| Less discounts and debt issuance costs
|
|
| (452,366
| )
|
|
| (508,863
| )
|
|
|
|
|
|
|
|
|
|
|
| Total convertible notes payable
|
|
| 3,997,634
|
|
|
| 3,941,137
|
|
|
|
|
|
|
|
|
|
|
|
| Less current portion
|
|
| -
|
|
|
| (990,000
| )
|
|
|
|
|
|
|
|
|
|
|
| Convertible notes payable, net of current portion
|
| $
| 3,997,634
|
|
| $
| 2,951,137
|
|
As of June 30, 2020, remaining scheduled principal payments due on convertible notes payable are as follows: | Twelve months ended June 30,
|
|
|
|
| 2021
|
| $
| -
|
|
| 2022
|
|
| -
|
|
| 2023
|
|
| 1,550,000
|
|
| 2024
|
|
| 1,600,000
|
|
| 2025
|
|
| 1,300,000
|
|
|
|
| $
| 4,450,000
|
|
As of June 30, 2020, the remaining future amortization of discounts are as follows: | Twelve months ended June 30,
|
| Discounts
|
|
| 2021
|
| $
| 114,040
|
|
| 2022
|
|
| 114,040
|
|
| 2023
|
|
| 113,742
|
|
| 2024
|
|
| 98,149
|
|
| 2025
|
|
| 12,395
|
|
|
|
| $
| 452,366
|
|
|