| Schedule of Debt |
As of September 30, 2020 and December 31, 2019,
debt consisted of the following:
| |
|
September 30,
2020
|
|
|
December 31,
2019
|
|
| Line of credit: |
|
|
|
|
|
|
|
|
| Secured line of credit |
|
$ |
1,153,800 |
|
|
$ |
- |
|
| Receivables financing |
|
|
462,868 |
|
|
|
472,567 |
|
| Debt issuance costs |
|
|
- |
|
|
|
(15,573 |
) |
| Total lines of credit |
|
|
1,616,668 |
|
|
|
456,995 |
|
| |
|
|
|
|
|
|
|
|
| Convertible notes payable: |
|
|
|
|
|
|
|
|
| Senior convertible notes payable – related parties |
|
|
1,428,161 |
|
|
|
1,428,161 |
|
| Convertible notes payable |
|
|
560,000 |
|
|
|
- |
|
| Debt issuance costs |
|
|
(353,664 |
) |
|
|
(366,666 |
) |
| Total convertible notes payable |
|
|
1,634,497 |
|
|
|
1,061,495 |
|
| Less: current portion of long-term convertible notes payable |
|
|
(498,002 |
) |
|
|
- |
|
| Noncurrent portion of long-term convertible notes payable |
|
|
1,136,495 |
|
|
|
1,061,495 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable: |
|
|
|
|
|
|
|
|
| Notes payable |
|
|
1,790,641 |
|
|
|
1,621,015 |
|
| Debt issuance costs |
|
|
(148,278 |
) |
|
|
(212,848 |
) |
| Total long-term debt |
|
|
1,642,363 |
|
|
|
1,408,167 |
|
| Less: current portion of long-term debt |
|
|
(821,092 |
) |
|
|
(1,365,675 |
) |
| Noncurrent portion of long-term debt |
|
|
821,271 |
|
|
|
42,492 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable – related parties: |
|
|
|
|
|
|
|
|
| Notes payable |
|
|
2,667,513 |
|
|
|
3,282,021 |
|
| Less: current portion of long-term debt – related parties |
|
|
(1,214,698 |
) |
|
|
(1,686,352 |
) |
| Noncurrent portion of long-term debt – related parties |
|
$ |
1,452,815 |
|
|
$ |
1,595,669 |
|
|
| Schedule of Maturities of Long-term Debt |
The scheduled maturities of the debt for the
next five years as of December 31st, are as follows:
| For the Years Ended December 31, |
|
Amount |
|
| 2020 (excluding the nine months ended September 30, 2020) |
|
|
4,206,810 |
|
| 2021 |
|
|
206,760 |
|
| 2022 |
|
|
2,209,137 |
|
| 2023 |
|
|
1,440,275 |
|
| Thereafter |
|
|
- |
|
| |
|
|
8,062,982 |
|
| Less: debt discount |
|
|
(501,941 |
) |
| |
|
$ |
7,561,041 |
|
|