| Schedule of Notes Payable |
The Company and its subsidiaries are party
to a number of loans with affiliates and unrelated parties. At December 31, 2019 and December 31, 2018, notes payable consisted
of the following:
| |
|
December 31, 2019 |
|
|
December 31, 2018 |
|
| Loan payable under prepaid forward purchase contract (1) |
|
$ |
- |
|
|
$ |
5,000,000 |
|
| |
|
|
|
|
|
|
|
|
| Loan payable to TCA Global Master Fund, LP (“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 |
|
|
335,817 |
|
|
|
341,612 |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
3,977,710 |
|
|
|
7,083,505 |
|
| Less current portion |
|
|
(3,977,710 |
) |
|
|
(7,083,505 |
) |
| Notes payable - third parties, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
(1) The loan payable under prepaid forward purchase contract
has been fully settled during the year ended December 31, 2019 as more fully discussed below under the heading “Notes
Payable –Related Parties”.
|
| Schedule of Notes Payable - Related Parties |
Notes Payable – Related Parties
| |
|
December 31, 2019 |
|
|
December 31, 2018 |
|
| |
|
|
|
|
|
|
| Loan payable to Christopher Diamantis |
|
$ |
15,159,455 |
|
|
$ |
800,000 |
|
| |
|
|
|
|
|
|
|
|
| Total notes payable, related parties |
|
$ |
15,159,455 |
|
|
$ |
800,000 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of notes payable, related parties |
|
$ |
(15,159,455 |
) |
|
$ |
(800,000 |
) |
| Total notes payable, related parties long-term, net of current portion |
|
$ |
- |
|
|
$ |
- |
|
|