Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v3.20.1
DEBT (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Notes Payable - Financing Agreements

The Company’s notes payable relating to financing agreements classified as current liabilities consist of the following as of:


 

 

December 31, 2019

 

December 31, 2018

 

Notes Payable

 

Principal

 

 

 

Interest

 

Principal

 

 

 

Interest

 

Third Party - Insurance Note 1

 

$

28,500

 

 

 

7.31

%

 

$

25,066

 

 

 

9.29

%

 

Third Party - Insurance Note 2

 

 

—

 

 

 

6.36

%

 

 

8,501

 

 

 

10.25

%

 

Third Party - Insurance Note 3

 

 

13,799

 

 

 

—

 

 

 

14,763

 

 

 

10.75

%

 

Total

 

$

42,299

 

 

 

 

 

 

$

48,330

 

 

 

 

 

 

Schedule of Future Minimum Lease Payments Under Finance Lease

At December 31, 2019, future minimum lease payments due under Finance Lease is as follows:


As of December 31,

Amount

 

2020

 

$

59,558

 

2021

 

 

59,558

 

2022

 

 

39,705

 

Total minimum financial lease payments

 

$

158,821

 

Less:  interest

 

 

(24,723

)

Total lease liability at December 31, 2019

 

$

134,098

 

Less: current portion of Finance Lease

 

 

(45,072

)

Long Term portion of Finance Lease

 

$

89,026

Notes Payable - Related Parties

Notes Payable – Related Parties


 

 

 

 

 

 

 

 

December 31, 2019

 

 

December 31, 2018

 

Payable To

 

 

 

 

 

 

 

Principal

 

 

Interest

 

 

Principal

 

 

Interest*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Related party

 

 

 

 

 

 

 

 

 

$

267,000

 

 

 

3%

 

 

$

—

 

 

 

—

 

Related party

 

 

 

 

 

 

 

 

 

 

733,000

 

 

 

3%

 

 

 

—

 

 

 

—

 

Total

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

 

 

 

 

—

 

 

 

 

 

Less unamortized discounts

 

 

 

 

 

 

 

 

 

 

(94,627)

 

 

 

 

 

 

 

—

 

 

 

 

 

Total, net

 

 

 

 

 

 

 

 

 

$

905,373

 

 

 

 

 

 

$

—