Schedule of Notes Payable |
The Company and its subsidiaries are party
to a number of loans with affiliates and unrelated parties. At March 31, 2020 and December 31, 2019, notes payable consisted of
the following:
Notes Payable – Third Parties
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
|
|
(unaudited) |
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|
|
|
Loan payable to TCA Global Master Fund, L.P. (“TCA”) in the original principal amount of $3 million at 16% interest (the “TCA Debenture”). Principal and interest payments due in various installments through December 31, 2017 |
|
$ |
1,741,893 |
|
|
$ |
1,741,893 |
|
|
|
|
|
|
|
|
|
|
Notes payable to CommerceNet and Jay Tenenbaum in the original principal amount of $500,000, bearing interest at 6% per annum (the “Tegal Notes”). Principal and interest payments due annually from July 12, 2015 through July 12, 2017 |
|
|
329,669 |
|
|
|
335,817 |
|
|
|
|
|
|
|
|
|
|
Note payable to Anthony O’Killough dated September 27, 2019 in the original principal amount of $1.9 million. Interest is due only upon event of default. Issued net of $0.3 million of debt discount and $0.1 million of financing fees with $1.0 million of principal due on November 8, 2019 and $0.9 million of principal due December 26, 2019 |
|
|
1,900,000 |
|
|
|
1,900,000 |
|
|
|
|
|
|
|
|
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|
Installment note payable to Ponte Investments, LLC dated January 29, 2020, less original issue discount of $0.1 million, non-interest bearing, payable in weekly installment payments ranging from $22,500 to $34,000 due on or before February 5, 2020 through on or before October 21, 2020, the maturity date. |
|
|
915,548 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,887,110 |
|
|
|
3,977,710 |
|
Less current portion |
|
|
(4,887,110 |
) |
|
|
(3,977,710 |
) |
Notes payable - third parties, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|
Schedule of Notes Payable - Related Parties |
Notes Payable – Related Party
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Loan payable to Christopher Diamantis |
|
$ |
18,229,408 |
|
|
$ |
15,159,455 |
|
|
|
|
|
|
|
|
|
|
Total note payable, related party |
|
|
18,229,408 |
|
|
|
15,159,455 |
|
|
|
|
|
|
|
|
|
|
Less current portion of notes payable, related party |
|
|
(18,229,408 |
) |
|
|
(15,159,455 |
) |
Total note payable, related party, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|