Quarterly report pursuant to Section 13 or 15(d)

Debt and Other Financing Arrangements (Tables)

v3.20.2
Debt and Other Financing Arrangements (Tables)
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt

 

 

September 30, 2020

 

 

December 31,

2019 (Audited)

 

Financing agreement with FlatIron capital that is unsecured.  Down payment of $19,170 was required upfront and equal installment payments of $11,590 to be made over a 11 month period. The note matures June 1, 2020. Annualized interest is 6.8%

 

$

-

 

 

$

69,540

 

 

 

 

 

 

 

 

 

 

Financing agreement with FlatIron capital that is unsecured.  Down payment of $20,746 was required upfront and equal installment payments of $19,251 to be made over a 10 month period. The note matures May 1, 2021. Annualized interest is 5.95%

 

$

154,012

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Promissory note issued by a financial institution, bearing interest at 1.0%, interest and no principal payments.   The note matures April 30, 2022. Annualized interest is 1.0%. This is a U.S. Small Business Administration’s Paycheck Protection Program (the “PPP Loan”)

 

$

185,785

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Senior secured convertible note to Craven House Capital North America LLC (Related Party), bearing interest at 3.0%.  Note was issued on January 16, 2019 and either matured on January 14, 2020 or became convertible into 1,436,424 shares of the Company's common shares. The value of the beneficial conversion feature as of January 16, 2019 was zero*.

 

 

-

 

 

 

3,461,782

 

 

 

 

 

 

 

 

 

 

Promissory note issued by a financial institution, bearing interest at 9.09%, interest and principal payments due monthly of $323.  Note is secured by an automobile and was issued on July 26, 2019 with original borrowings of $12,892.  The note matures on August 26, 2023.

 

 

-

 

 

 

11,802

 

 

 

 

 

 

 

 

 

 

Promissory note issued by a financial institution, bearing interest at 5.85%, interest and principal payments due monthly of $10,932. Note was issued on May 31, 2018 with original borrowings of $608,000 and subsequent borrowings of $141,000 and repayments of $51,000.  The note matures on May 30, 2025 and can be prepaid at any time without penalty. This note is secured by the Company’s inventory, chattel paper, accounts, equipment and general intangible intangibles and deposit accounts.

 

 

-

 

 

 

606,454

 

 

 

 

 

 

 

 

 

 

 

 

$

339,797

 

 

$

4,149,578

 

 

Schedule of Principal Payments of Debt

As of September 30, 2020, minimum annual principal payments are as follows:

 

Years Ending

 

 

 

 

December 31,

 

 

 

 

2020

 

 

57,755

 

2021

 

 

96,257

 

2022

 

 

185,785

 

2023

 

 

-

 

2024

 

 

-

 

After 2024

 

 

-

 

 

 

$

339,797