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5. NOTES PAYABLE | 12 Months Ended
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Dec. 31, 2019
Notes Payable [Abstract] |
NOTES PAYABLE | CONVERTIBLE NOTES PAYABLE – RELATED PARTIES In August 27, 2018, as part of the partnership transaction with Catalyst to form Cellerate, LLC, the Company issued a 30-month unsecured promissory note to Catalyst in the principal amount of $1,500,000, bearing interest at a 5% annual interest rate, compounded quarterly. Interest is payable quarterly but may be deferred at the Company’s election to the maturity of the Note. Outstanding principal and interest are convertible at Catalyst’s option into shares of Sanara MedTech common stock at a conversion price of $9.00 per share. The table below summarizes amounts due to related parties, including accrued interest separately recorded, as of December 31, 2019 and 2018:
|  |  | Principal Amount |  |  | Accrued Interest |
Note Payable | Terms of the agreement |  | 2019 Successor |  |  | 2018 Successor |  |  | 2019 Successor |  |  | 2018 Successor |
August 27, 2018 Promissory Note | A $1,500,000 note payable (i) interest accrues at 5% per annum and compounds quarterly (ii) original maturity date of March 1, 2021 |  | $ | 1,500,000 |  |  | $ | - |  |  | $ | 103,557 |  |  | $ | - |
Total |  |  | $ | 1,500,000 |  |  | $ | - |  |  | $ | 103,557 |  |  | $ | - |

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