Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.20.2
Notes Payable (Tables)
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Notes Payable

As of September 30, 2020, fixed rate notes payable outstanding totaled $1,585,903, of which $724,903 is past maturity.

 

   

September 30,

2020

   

December 31,

2019

 
             
Notes payable at beginning of period   $ 6,874,795     $ 8,158,198  
Notes payable issued     717,918       2,101,000  
Notes payable increased principal     25,190          
Loan fees added to note payable     82,082       91,250  
Repayments of notes payable in cash     (19,000 )     (235,000 )
Less amounts converted to redeemable notes     -       (67,500 )
Less amounts exchanged to fixed rate notes     (283,000 )     -  
Less amounts converted to stock     (1,180,631 )     (3,173,153 )
Notes payable at end of period     6,217,354       6,874,795  
Less debt discount     (115,981 )     (12,649 )
    $ 6,101,373     $ 6,862,146  
                 
Notes payable issued to related parties   $ 146,000     $ 165,000  
Notes payable issued to non-related party   $ 5,955,373     $ 6,697,146  
Schedule of Maturity Dates of Notes Payable

The maturity dates on the notes-payable are as follows:

 

    Notes to        
12 months ending,   Related parties     Non-related parties     Total  
                   
Past due   $ 146,000     $ 5,045,354     $ 5,191,354  
September 30, 2021     -       1,026,000       1,026,000  
    $ 146,000     $ 6,071,354     $ 6,217,354