Quarterly report pursuant to Section 13 or 15(d)

Convertible Debt and Other Debt (Tables)

v3.19.2
Convertible Debt and Other Debt (Tables)
6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Convertible Debt
    Debt converted
to stock
 
Current liabilities        
Convertible Debentures, face value   $ 6,962,635  
Revolving Note with interest     4,750,000  
May 19, 2017 Promissory Note with interest     750,000  
Other Notes with interest     226,000  
Total debt converted during the year 2018   $ 12,688,635  
Schedule of Convertible Debts and Outstanding Balances

The specific terms of the convertible notes that are outstanding as of June 30, 2019 are listed in the tables below.

 

Inception Date   Term     Loan
Amount
    Outstanding
Balance
with OID
    Original
Issue
Discount
    Interest
Rate
    Conversion
Price
(Convertible
at Inception
Date)
    Deferred
Finance
Fees
    Discount
related to fair
value of
conversion
feature and
warrants/shares
 
February 15, 2018 1    

6 months

     

100,000

     

100,000

      -       15 %   $ 7.50       9,000       10,474  
May 17, 2018 1     12 months       380,000       380,000       15,200       8 %   $ 7.50       15,200       43,607  
May 30, 2018 1     2 months       150,000       100,000       -       8 %   $ 7.50       -       6,870  
June 8, 2018 1     6 months       50,000       50,000       2,500       15 %   $ 7.50       2,500       3,271  
June 12, 2018 1     6 months       100,000       100,000       -       5 %   $ 7.50       5,000       -  
June 16, 2018 1     9 months       130,000       79,000       -       5 %     -       -       -  
June 16, 2018 1     6 months       110,000      

79,000

      -       5 %     -       -       -  
June 26, 2018 1     3 months       150,000       75,000       -       15 %   $ 7.50       -       20,242  
June 28, 2018 1     6 months       50,000       50,000       -       15 %   $ 7.50       -       10,518  
July 17, 2018 1     3 months       100,000       100,000       15,000       15 %   $ 7.50       -       16,944  
July 19, 2018 1     12 months       184,685       150,000       34,685       10 %   $ 7.50       -       -  
September 7, 2018 1     6 months       85,000       75,000       -       5 %     -       -       4,364  
October 19, 2018 2     6 months       100,000       100,000       -       5 %   $ 7.50                  
November 13, 2018 1     6 months       200,000       200,000       -       15 %   $ 7.50       -       30,026  
January 2, 2019     12 months       125,000       125,000       -       4 %   $ 7.50       6,250       6,620  
January 9, 2019     12 months       105,000       105,000       -       4 %   $ 7.50       5,000       2,416  
January 9, 2019     12 months       118,750       118,750       -       5 %   $ 7.50       8,750       -  
January 11, 2019     9 months       103,000       103,000       -       8 %     -       3,000       -  
January 31, 2019     12 months       100,000       100,000       -       6 %   $ 7.50       5,000       -  
January 31, 2019     12 months       108,000       108,000       8,000       4 %   $ 7.50       3,000       -  
February 8, 2019     12 months       237,500       237,500       14,750       5 %   $ 7.50       7,000       -  
February 21, 2019     12 months       215,000       215,000       -       4 %   $ 7.50       15,000       18,582  
February 22, 2019     12 months       65,500       65,000       6,500       5 %   $ 7.50       2,000       4,198  
February 22, 2019     9 months       115,563       115,563       8,063       7 %   $ 7.50       2,500       -  
February 27, 2019     10 months       103,000       103,000       -       8 %     -       3,000       -  
March 18, 2019     6 months       100,000       100,000       -       4 %   $ 7.50       -       10,762  
March 19, 2019     12 months       131,250       131,250       -       4 %   $ 7.50       6,250       4,509  
June 4, 2019     9 months       500,000       500,000       -       8 %   $ 7.50       40,500       70,631  
May 15, 2019     12 months       75,000       75,000       7,500       5 %   $ 7.50       2,000       4,235  
May 28, 2019     12 months       115,500       115,500       5,500       8 %   $ 2.75       -       11,177  
May 14, 2019     12 months       100,000       100,000       -       6 %   $ 7.50       2,000       -  
April 30, 2019     12 months       105,000       105,000       -       4 %   $ 7.50       5,000       3,286  
June 19, 2019     12 months       105,000       105,000       -       4 %   $ 7.50       5,000       2,646  
April 9, 2019     12 months       118,800       118,800       8,800       4 %   $ 7.50       3,000       -  
May 6, 2019     12 months       150,000       150,000       -       6 %   $ 7.50       7,500       3,534  
May 7, 2019     6 months       155,000       155,000       5,000       0 %   $ 7.50       -       12,874  
April 23, 2019     10 months       103,000       103,000       -       8 %   $ 7.50       3,000       -  
May 17, 2019     10 months       103,000       103,000       -       8 %   $ 7.50       3,000       -  
April 10, 2019 1     3 months       75,000       75,000       -       5 %   $ 7.50       -       13,017  
May 20, 2019     3 months       100,000       100,000       -       5 %   $ 7.50       -       13,439  
June 7, 2019     6 months       125,000       125,000       -       5 %   $ 7.50       -       18,254  
            $ 5,447,548     $ 5,195,363     $

131,498

                    $

169,450

    $

346,496

 

 

1) The notes were extended for an additional term.

2) The note is currently past due. The Company and the lender are negotiating in good faith to extend the loan with no penalty other than payment of interest owed.

Summary of Changes in Convertible Debt and Revolving Note Payable, Net of Unamortized Discounts

The following table provides a summary of the changes in convertible debt and revolving note payable, net of unamortized discounts, during 2019:

 

    2019  
Balance at January 1,   $ 4,000,805  
Issuance of convertible debt, face value     3,557,363  
Deferred financing cost     (257,134 )
Debt discount from shares issued with the notes     (212,061 )
Payments    

(2,533,985

)
Accretion of interest and amortization of debt discount to interest expense     280,078  
Balance at June 30,    

4,835,066

 
Less: current portion    

4,835,066

 
Convertible debt, long-term portion   $ -  
Schedule of Merchant Agreements

The following table shows our Merchant Agreements as of June 30, 2019.

 

Inception Date   Purchase
Price
    Purchased
Amount
    Outstanding
Balance
    Daily
Payment
    Deferred
Finance Fees
 
December 18, 2018     250,000       335,000       -       1,675.00       3,912  
February 28, 2019     600,000       804,000       388,965       4,020.00       6,000  
April 19, 2019     200,000       272,000       163,063       1,360.00       3,000  
May 8, 2019     125,000       170,000       105,413       1,000.00       2,500  
June 19, 2019     250,000       342,500       244,059       1,902.77       5,000  
                                         
    $ 1,425,000     $ 1,923,500     $ 901,500             $ 20,412