| Schedule of Notes Payable |
The
Company and its subsidiaries are party to a number of loans with third parties and related parties. At September 30, 2021 (unaudited)
and December 31, 2020, notes payable consisted of the following:
Schedule
of Notes Payable
Notes
Payable – Third Parties
| |
|
September 30,
2021 |
|
|
December 31,
2020 |
|
| |
|
|
|
|
|
|
| Loan payable to TCA Global Master Fund, L.P. (“TCA”) in the original principal
amount of $3 million
at 16%
interest (the “TCA Debenture”). Payable
in various installments through May 4, 2022 (balance at September 30, 2021 as per settlement agreement – See Note
13)
|
|
$ |
500,000 |
|
|
$ |
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
|
|
|
291,557 |
|
|
|
297,068 |
|
| |
|
|
|
|
|
|
|
|
| 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.
|
|
|
1,450,000 |
|
|
|
1,450,000 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable under the PPP loans 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.
|
|
|
1,358,923 |
|
|
|
2,385,921 |
|
| |
|
|
|
|
|
|
|
|
| Installment promissory 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. |
|
|
- |
|
|
|
108,350 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable dated January 31, 2021 and February 16, 2021 due six months from the date of issuance.
The notes bear interest at 10%
for the period outstanding. Under the terms of the notes, the holder is to receive a total of 100
shares of InnovaQor’s Series B Preferred Stock held by the Company. |
|
|
245,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Notes payable to Western Healthcare, LLC dated August 10, 2021, in the aggregate principal amount of $2.4 million, bearing interest at 18% per annum, payable in monthly installments aggregating $0.2 million, due August 30, 2022. |
|
|
2,152,961 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 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 each payable 12 months from the date of issuance
|
|
|
1,052,837 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Note payable |
|
|
7,051,278 |
|
|
|
5,983,232 |
|
| Less current portion |
|
|
(7,051,278 |
) |
|
|
(4,786,976 |
) |
| Notes payable - third parties, net of current portion |
|
$ |
- |
|
|
$ |
1,196,256 |
|
|
| Schedule of Notes Payable - Related Parties |
Schedule
of Notes Payable - Related Parties
| |
|
September 30,
2021 |
|
|
December 31,
2020 |
|
| |
|
(unaudited) |
|
|
|
|
| |
|
|
|
|
|
|
| Note payable to Christopher Diamantis due on demand and bearing interest at 10% on the majority of amounts loaned |
|
$ |
2,627,000 |
|
|
$ |
2,097,000 |
|
| |
|
|
|
|
|
|
|
|
| Total note payable, related party |
|
|
2,627,000 |
|
|
|
2,097,000 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of note payable, related party |
|
|
(2,627,000 |
) |
|
|
(2,097,000 |
) |
| Total note payable, related party, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|