| Schedule of Notes Payable |
The Company and its subsidiaries are party to a number
of loans with unrelated parties. At December 31, 2020 and December 31, 2019, notes payable consisted of the following:
Notes Payable – Third Parties
| |
|
December 31, 2020 |
|
|
December 31, 2019 |
|
| |
|
|
|
|
|
|
| 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 |
|
|
297,068 |
|
|
|
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. Payment due in installments through November 2020. |
|
|
1,450,000 |
|
|
|
1,900,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
2,385,921 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
108,350 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
5,983,232 |
|
|
|
3,977,710 |
|
| Less current portion |
|
|
(4,786,976 |
) |
|
|
(3,977,710 |
) |
| Notes payable - third parties, net of current portion |
|
$ |
1,196,256 |
|
|
$ |
- |
|
|
| Schedule of Notes Payable - Related Parties |
At December 31, 2020 and December 31, 2019, note payable
- related party consisted of the following:
| |
|
December 31, 2020 |
|
|
December 31, 2019 |
|
| |
|
|
|
|
|
|
| Loan payable to Christopher Diamantis |
|
$ |
2,097,000 |
|
|
$ |
15,159,455 |
|
| |
|
|
|
|
|
|
|
|
| Total note payable, related party |
|
|
|
|
|
|
15,159,455 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion of note payable, related party |
|
|
(2,097,000 |
) |
|
|
(15,159,455 |
) |
| Total note payable, related party, net of current portion |
|
$ |
— |
|
|
$ |
— |
|
|