Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.20.1
Notes Payable (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Notes Payable

As of March 31, 2020, fixed rate notes payable outstanding totaled $1,335,903, of which $724,903 is past maturity.

 

    March 31, 2020     December 31, 2019  
             
Notes payable at beginning of period   $ 6,874,795     $ 8,158,198  
Notes payable issued     236,500       2,101,000  
Loan fees added to note payable     38,500       91,250  
Settlements on note payable     -       -  
Repayments of notes payable in cash     (8,000 )     (235,000 )
Less amounts converted to redeemable notes     -       (67,500 )
Less amounts converted to stock     (929,916 )     (3,173,153 )
Notes payable at end of period     6,211,879       6,874,795  
Less debt discount     (31,510 )     (12,649 )
    $ 6,180,369     $ 6,862,146  
                 
Notes payable issued to related parties   $ 157,000     $ 165,000  
Notes payable issued to non-related party   $ 6,023,369     $ 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   $       $ 5,443,879     $ 5,443,879  
March 31, 2021             -       611,000       611,000  
    $       $ 6,054,879     $ 6,054,879