| Schedule of Debt |
The following is a summary of the Company’s financing
arrangements as of June 30, 2015:
| |
|
6/30/2016 |
|
| Current portion of long term debt: |
|
|
|
|
| Current portion of notes payable |
|
$ |
314,714 |
|
| Current portion of notes payable – related party |
|
|
310,100 |
|
| Note discounts |
|
|
(34,502 |
) |
| Total current portion of long term debt |
|
$ |
590,312 |
|
| |
|
|
|
|
| Current portion of convertible debentures: |
|
|
|
|
| TCA Global Credit Master Fund, L.P., 11% interest, conversion at 85% of market |
|
$ |
2,643,838 |
|
| David Moran & Siobhan Hughes, 6% interest, conversion at 90% of market |
|
|
2,399 |
|
| Susan Schneider, 6% interest, conversions at 90% of market |
|
|
10,510 |
|
| Minority Interest Fund (II), LLC, 6% interest, no conversion discount |
|
|
1,439,900 |
|
| Long Side Ventures, 6% interest, conversion at 90% of market |
|
|
85,000 |
|
| Related Party Debenture, 6% interest, no conversion discount |
|
|
27,532 |
|
| Abrams, 8% interest, no conversion discount |
|
|
40,000 |
|
| FLUX Carbon Starter Fund LLC, 6% interest, no conversion discount |
|
|
255,000 |
|
| Five Nine Group LLC, 6% interest, no conversion discount |
|
|
250,000 |
|
| Cantrell Winsness Technologies, LLC, 2% interest, conversion at 100% of market |
|
|
125,000 |
|
| Settlement Contingency Debentures |
|
|
50,000 |
|
| Note discount |
|
|
(2,524,922 |
) |
| Total current portion of convertible debentures |
|
$ |
2,404,257 |
|
| |
|
|
|
|
| Long term convertible debentures: |
|
|
|
|
| Gerova Asset Backed Holdings, LP, 2% interest, no conversion discount |
|
|
175,000 |
|
| Long Side Ventures, 6% interest, conversion at 90% of market |
|
|
219,717 |
|
| Cantrell Winsness Technologies, LLC, 2% interest, conversion at 100% of market |
|
|
200,000 |
|
| TRK Management LLC, 6% interest, no conversion discount |
|
|
100,000 |
|
| EXO Opportunity Fund, LLC, 6% interest, conversion at 90% of market |
|
|
4,500,000 |
|
| Note discount |
|
|
(3,379,617 |
) |
| Total long term convertible debentures |
|
$ |
1,815,100 |
|
|
| Schedule of Long Term Obligations |
The following chart is presented to
assist the reader in analyzing the Company’s ability to fulfill its fixed debt service requirements (net of note discounts)
as of June 30, 2016 and the Company’s ability to meet such obligations:
| Year |
|
Amount |
|
| 2016 |
|
$ |
4,820,992 |
|
| 2017 |
|
|
4,625,000 |
|
| 2018 |
|
|
797,717 |
|
| 2019 |
|
|
505,000 |
|
| 2020 |
|
|
— |
|
| Thereafter |
|
|
— |
|
| Total minimum payments due under current and long term obligations |
|
$ |
10,748,709 |
|
|