Schedule of Notes Payable (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Schedule of Notes Payable: |
|
| Schedule of Company's Notes Payable Obligations To Unrelated Parties |
The Company's notes payable obligations to unrelated parties are as follows as of December 31, 2016 and 2015: | | | | | | | | 2016 | | 2015 | | Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 8% interest annually and is due on demand. | $ | 20,000 | $ | 20,000 | | | | | | | | Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 8% interest annually and is due on demand. | | 10,000 | | 10,000 | | | | | | | | Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and is scheduled to mature in November 2017. | | 25,000 | | - | | | | | | | | Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and is schedule to mature in December 2018. | | 25,000 | | - | | | | | | | | Digital equipment note payable to a financial institution in which interest payable at 7% annually through December, 2016; secured by the digital equipment. The note payable was modified subsequent to December 31, 2016, see Mortgage and Digital Note Refinancing note below. The current maturities of the digital equipment note payable has been adjusted to reflect the loan modification. | | 242,450 | | 361,295 | | | | | | | | Mortgage payable assumed in acquisition, less current portion; interest payable at 4.75% monthly payments of $34,435 through December 31, 2016. The mortgage payable is secured by the building and land as well as guarantees by related parties. The note payable was modified subsequent to December 31, 2016, see Mortgage and Digital Note Refinancing note below. The current maturities of the mortgage payable have been adjusted to reflect the loan modification. | | 4,373,001 | | 4,373,000 | | | | | | | | Total Non-Related Party Notes Payable | | 4,695,451 | | 4,764,295 | | | | | | | | Current Portion of Non-Related Party Notes Payable | | 110,688 | | 4,507,921 | | | | | | | | Long-term Portion of Non-Related Party Notes Payable | $ | 4,584,763 | $ | 256,374 |
|
| Schedule of Future Minimum Principal Payments On The Non-Related Party Notes Payable |
Future minimum principal payments on the non-related party notes payable are as follows: | | | | 2017 | $ | 110,688 | | 2018 | | 87,315 | | 2019 | | 63,990 | | 2020 | | 4,433,458 | | Total | $ | 4,695,451 |
|
| Schedule of Company's Notes Payable Obligations To Related Parties |
The Company's notes payable obligations to related parties are as follows as of December 31, 2016 and 2015: | | | | | | | | 2016 | | 2015 | | Note payable to a related party in which the note accrues interest on the original principal balance at a rate of 15% interest annually and is due on demand. | $ | 151,891 | $ | 151,891 | | | | | | | | Notes payable to a related party in which the note accrues interest on the original principal balance at a rate of 12% interest annually and is due on demand. The note payable principal and interest at the election of the lender can be converted to restricted shares of common voting stock at $.04 per share. | | 50,000 | | 50,000 | | | | | | | | Notes payable to a related party in which the note accrues interest on the original principal balance at a rate of 10% interest annually and is due on demand. The notes payable principal and interest at the election of the lenders can be converted to restricted shares of common voting stock at $.04 per share. | | 803,888 | | 803,136 | | | | | | | | Notes payable to a related party in which the note accrues interest on the original principal balance at a rate of 8% interest annually and is due on demand. | | 76,626 | | 76,626 | | | | | | | | Note payable to a related party in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and is scheduled to mature in October 2017. | | 25,000 | | - | | | | | | | | Various notes payable to a related party in which the note accrues interest on the original principal balance at a rate of 10% interest annually through December 31, 2016 at which time the interest rate is reduced to 6.25% interest annually. The notes are scheduled to mature at various date from January 2017 through December 2018 | | 118,927 | | - | | | | | | | | Total Related Party Notes Payable | | 1,226,332 | | 1,081,653 | | | | | | | | Current Portion of Related Party Notes Payable | | 1,159,390 | | 1,081,653 | | | | | | | | Long-term Portion of Related Party Notes Payable | $ | 66,942 | $ | - |
|
| Schedule of Future Minimum Principal Payments On The Related Party Notes Payable |
Future minimum principal payments on the related party notes payable are as follows: | | | | 2017 | $ | 1,159,390 | | 2018 | | 66,942 | | Total | $ | 1,226,332 |
|