| Notes payable |
| |
|
March
31, |
|
|
December
31, |
|
| |
|
2018 |
|
|
2017 |
|
| Senior
convertible promissory note dated August 21, 2017, issued to accredited investors, which matures February 21, 2019 and bears
interest at a rate of 12% per annum. The conversion price is $4.50, subject to adjustment. The balance of the note and accrued
interest was converted into common stock in January 2018. |
|
$ |
- |
|
|
$ |
640,010 |
|
| Senior
convertible promissory note dated December 26, 2017, issued to accredited investors, which matures June 26, 2019 and bears
interest at a rate of 12% per annum. The conversion price is $4.50, subject to adjustment. The balance of the note and accrued
interest was converted into common stock in January 2018. |
|
|
- |
|
|
|
1,469,388 |
|
| Promissory
note dated November 22, 2017, issued for the purchase of real property. Matures December 1, 2020, with an option to extend
the maturity date 1 year. The promissory note bears interest at 12.0% for year one and escalates 0.5% per year thereafter
up to 13.5%. |
|
|
4,500,000 |
|
|
|
4,500,000 |
|
| Promissory
note dated January 18, 2018, issued for the purchase of real property. Matures February 1, 2021, with an option to extend
the maturity date 1 year. The promissory note bears interest at 12.0% for year one and escalates 0.5% per year thereafter
up to 13.5%. |
|
|
6,160,001 |
|
|
|
- |
|
| Senior
convertible promissory note dated January 25, 2018, issued to accredited investors under the 2017 Master Securities Purchase
and Convertible Promissory Notes Agreement, which matures July 25, 2019 and bears interest at a rate of 12% per annum. The
conversion price is $6.00, subject to adjustment. |
|
|
916,867 |
|
|
|
- |
|
| Senior
convertible promissory note dated March 12, 2018, issued to accredited investors under the 2018 Master Securities Purchase
and Convertible Promissory Notes Agreement, which matures September 12, 2019 and bears interest at a rate of 7.5% per annum.
The conversion price is $4.50, subject to adjustment. |
|
|
1,655,950 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Long-Term
Debt, Net of Discounts |
|
$ |
13,232,818 |
|
|
$ |
6,609,398 |
|
|
| Scheduled Maturities of Long-Term Debt |
| |
|
Nine
Months Ending December 2018 |
|
|
Year
Ending December 31, |
|
| |
|
|
|
2019 |
|
|
2020 |
|
|
2021 |
|
|
2022 |
|
|
2023
and thereafter |
|
|
Total |
|
| Total
Debt |
|
$ |
- |
|
|
$ |
2,572,817 |
|
|
$ |
4,500,000 |
|
|
$ |
6,160,001 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
13,232,818 |
|
|
| Conversion of the notes payable |
| |
|
Three
Months Ended
March
31,
|
|
| |
|
2018 |
|
|
2017 |
|
| Fair
market value of common stock issued upon conversion |
|
$ |
17,180,837 |
|
|
$ |
5,014,661 |
|
| Principal
amount of debt converted |
|
|
(9,400,000 |
) |
|
|
(3,559,324 |
) |
| Accrued
interest converted |
|
|
(84,612 |
) |
|
|
(129,639 |
) |
| Fair
value of derivative at conversion date |
|
|
(9,431,000 |
) |
|
|
(2,770,650 |
) |
| Debt
discount value at conversion date |
|
|
6,466,021 |
|
|
|
2,484,410 |
|
| Loss
on extinguishment of debt |
|
$ |
4,731,246 |
|
|
$ |
1,039,458 |
|
|