Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Other Financing Arrangements (Tables)

v3.10.0.1
Long-Term Debt and Other Financing Arrangements (Tables)
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Debt

 

 

September 30, 2018

 

 

December 31, 2017 (Audited)

 

Financing agreement with FlatIron capital that is unsecured.  Down payment of $16,500 was required upfront and equal installment payments of $9,610 were made over a 10 month period. The note matured May 31, 2018. Annualized interest rate was 5.25%

 

$

-

 

 

$

39,028

 

Financing agreement with FlatIron capital that is unsecured.  Down payment of $28,125 was required upfront and equal installment payments of $8,701 to be made over a 10 month period. The note matures May 1, 2019. Annualized interest is 5.99%

 

$

69,610

 

 

$

-

 

Senior secured convertible promissory note issued to Esousa Holdings LLC bearing interest at 10.5% that matures October 2, 2018. The interest is payable upon maturity. The note is secured by a lien on all of the assets of the Company.

 

 

500,000

 

 

 

 

 

 

 

 

569,610

 

 

 

39,028

 

Less: debt issuance costs

 

 

-

 

 

 

-

 

         debt discount

 

 

-

 

 

 

 

 

 

 

$

569,610

 

 

$

39,028