Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE (Tables)

v3.21.1
NOTES PAYABLE (Tables)
3 Months Ended
Mar. 31, 2021
NOTES PAYABLE  
Schedule Notes payable

 

 

(in thousands)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Promissory note dated January 18, 2018, issued for the purchase of real property.  The promissory note is collateralized by the land and building purchased and matures January 18, 2022.  The promissory note bears interest at 12.0% for year one and escalates 0.5% per year thereafter.  The full principle balance and accrued interest are due at maturity. In the event of default, the note is convertible at the holder's option.

 

 

6,500

 

 

 

6,500

 

Promissory note dated October 5, 2018, issued for the purchase of real property.  Matures October 5, 2021.  The promissory note bears interest at 12.0% for year one and escalates 0.5% per year thereafter up to 13.5%. In the event of default, the note is convertible at the holder's option.

 

 

1,600

 

 

 

1,600

 

Promissory note dated June 11, 2019, issued to accredited investors, which matures December 31, 2021 and bears interest at a rate of 7.5% per annum. The conversion price is the lower of $4.50 or 87% of the average of the two (2) lowest VWAPs in the thirteen (13) trading days prior to the conversion date.

 

 

-

 

 

 

2,800

 

Promissory note dated October 21, 2019, issued to accredited investors, which matures April 21, 2021 and bears interest at a rate of 7.5% per annum. The conversion price is the lower of $4.50 or 87% of the average of the two (2) lowest VWAPs in the thirteen (13) trading days prior to the conversion date.

 

 

-

 

 

 

725

 

Secured promissory note dated December 30, 2019, issued to Matthew Lee Morgan Trust (a related party), which matures January 30, 2021, and bears interest at a rate of 10% per annum.  

 

 

-

 

 

 

500

 

Secured promissory note dated January 10, 2020, issued to an unaffilitated third party.   The note matures on July 10, 2021 and incurs an interest rate of 15.0% per annum. 

 

 

1,000

 

 

 

1,000

 

Promissory note dated May 4, 2020, issued to Harvest Small Business Finance, LLC, an unaffiliated third party.   Loan is part of the Paycheck Protection Program ("PPP Loan") offered by the U.S. Small Business Administration.   The interest rate on the note is 1%.   The note requires interest and principle payments seven months from July 2020.   The note matures in two years.

 

 

562

 

 

 

562

 

Promissory note dated July 29, 2020, issued to an unaffilitated third party.  The note incurs an interest rate of 8% per annum and matures on April 29, 2021. 

 

 

1,000

 

 

 

1,000

 

Unsecured promissory note dated January 22, 2021, issued to Michael Nahass (a related party), which matures July 25, 2021, and bears interest at a rate of 3% per annum. 

 

 

1,050

 

 

 

-

 

Unsecured promissory note dated January 22, 2021, issued to Michael Nahass (a related party), which matures January 25, 2022, and bears interest at a rate of 3% per annum. 

 

 

1,050

 

 

 

-

 

Convertible promissory note dated January 25, 2021, issued to accredited investors, which matures July 22, 2022 and bears interest at a rate of 3% per annum. The conversion price is $0.175 per share.

 

 

3,500

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Notes payable - promissory notes

 

$

16,262

 

 

$

14,687

 

Vehicle loans

 

 

23

 

 

 

29

 

Less: Short term debt

 

 

(12,746

)

 

 

(8,033

)

Less:  Debt discount

 

 

(7

)

 

 

(51

)

Net Long Term Debt

 

$

3,532

 

 

$

6,632