Schedule of Notes Payable |
The
Company and its subsidiaries are party to a number of loans with third parties and affiliates. At June 30, 2021 (unaudited) and
December 31, 2020, notes payable consisted of the following:
Schedule of Notes Payable
Notes
Payable – Third Parties
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June 30, 2021 |
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December 31, 2020 |
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Loan payable to TCA Global Master Fund, L.P. (“TCA”) in the original principal amount of $3 million at 16% interest (the “TCA Debenture”). Principal and interest payments due in various installments through December 31, 2017
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$ |
1,741,893 |
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$ |
1,741,893 |
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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
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291,559 |
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297,068 |
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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. Payment due in installments through November 2020.
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1,450,000 |
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1,450,000 |
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Notes payable under the Paycheck Protection Program (“PPP) issued on April 20, 2020 through May 1, 2020 bearing interest at a rate of 1% per annum. To the extent not forgiven, principal and interest payments are due monthly beginning sixteen months from the date of issuance and the notes mature 40 months from the date of issuance.
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2,385,922 |
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2,385,921 |
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The Ponte Note 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. |
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50,000 |
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108,350 |
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Notes payable dated January 31, 2021 and February 16, 2021 due six months from the date of issuance bearing interest at 10% for the period outstanding. |
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245,000 |
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- |
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Warrant pre-payment promissory notes dated February 25, 2021, April 9, 2021, April 16, 2021 and April 22, 2021, non-interest bearing, $1,100,000 aggregate principal amount, issued with $100,000 of original issue discounts and payable 12 months from the date of issuance
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1,027,630 |
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- |
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7,192,004 |
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5,983,232 |
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Less current portion |
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(6,394,997 |
) |
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(4,786,976 |
) |
Notes payable - third parties, net of current portion |
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$ |
797,007 |
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|
$ |
1,196,256 |
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Schedule of Notes Payable - Related Parties |
Note
Payable – Related Party
Schedule of Notes Payable - Related Parties
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June 30, 2021 |
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December 31, 2020 |
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(unaudited) |
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Note payable to Christopher Diamantis due on demand and bearing interest at 10% on the majority of amounts loaned |
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$ |
2,627,000 |
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$ |
2,097,000 |
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Total note payable, related party |
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2,627,000 |
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2,097,000 |
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Less current portion of note payable, related party |
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(2,627,000 |
) |
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(2,097,000 |
) |
Total note payable, related party, net of current portion |
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$ |
- |
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$ |
- |
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