Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE (Tables)

v3.21.2
NOTES PAYABLE (Tables)
9 Months Ended
Sep. 30, 2021
NOTES PAYABLE  
Schedule Notes payable

 

 

(in thousands)

 

 

 

September 30,

 

 

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 principal 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

 

Promissory note dated June 11, 2019, issued to accredited investors, which matures December 31, 2021 and incurred interest at a rate of 7.5% per annum. The conversion price was 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 matured April 21, 2021 and incurred interest at a rate of 7.5% per annum. The conversion price was 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 matured January 30, 2021, and incurred interest at a rate of 10% per annum.

 

 

-

 

 

 

500

 

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

 

 

-

 

 

 

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 principal 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 incurred an interest rate of 8% per annum and matured on April 29, 2021.

 

 

 

 

 

 

1,000

 

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

 

 

-

 

 

 

-

 

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.

 

 

1,065

 

 

 

-

 

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

 

 

 

-

 

Promissory note dated July 27, 2021, issued to Arthur Chan which matures July 26, 2024, and bears interest at a rate of 8% per annum.

 

 

2,500

 

 

 

-

 

Unsecured promissory note without interest from a related party. Loan is paid in 20 equal installments maturiing on 8/1/2022.

 

 

110

 

 

 

-

 

Promissory note dated May 1, 2020, issued as 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 matures in two years.

 

 

79

 

 

 

 

 

Promissory note dated June 1, 2020, issued as 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 matures in two years.

 

 

297

 

 

 

-

 

Line of credit agreement entered on March 31, 2021, which matures on March 31, 2022 and bears interest of 2.9% per 30 days.

 

 

4,500

 

 

 

-

 

Promissory note dated May 1, 2019, issued for the purchase of real property. Matures May 15, 2039. The promissory note bears interest at 9.89% per year.

 

 

2,975

 

 

 

-

 

Notes payable - promissory notes & mortgages

 

$ 22,088

 

 

$ 14,687

 

Vehicle loans & other loan agreements

 

 

155

 

 

 

29

 

Less: Short term debt, net of discounts

 

 

(8,648 )

 

 

(8,033 )

Less: Debt discount

 

 

(50 )

 

 

(51 )

Net Long Term Debt

 

$ 13,545

 

 

$ 6,632