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5. NOTES PAYABLE

12 Months Ended

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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