Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.10.0.1
Notes Payable (Tables)
9 Months Ended
Sep. 30, 2018
Notes Payable  
Convertible notes payable outstanding

    September 30     December 31  
    2018     2017  
             
Secured convertible promissory notes which mature on December 15, 2018, bear interest at 10% per annum, and are convertible into one share of common stock, par value $0.001 per share, with the initial conversion ratio equal to $0.50 per share.   $ 990,000     $ 1,550,000  
                 
Secured promissory note which matures on December 15, 2018 and bears interest at 15% 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, with the initial conversion ratio equal to $0.50 per share.   $ 760,000     $ -  
                 
Total convertible notes payable before discount     15,021,686       15,696,686  
                 
Less discounts     (1,392,361 )     (1,841,867 )
Less debt issuance costs     (65,747 )     (160,041 )
                 
Total notes payable     13,563,578       13,694,778  
                 
Less current portion     3,865,000       4,050,000  
                 
Notes payable, net of current portion   $ 9,698,578     $ 9,644,778  

Payments due on convertible notes payable

Twelve months ended September 30,      
2019   $ 3,865,000  
2020     3,000,000  
2021     7,396,686  
2022     -  
2023     760,000  
    $ 15,021,686