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Notes Payable (Tables)

6 Months Ended

Jun. 30, 2018

Notes Payable Tables

Notes payable

		June 30, 2018				December 31, 2017
Notes payable-NextGen dated February 8, 2017. Interest is payable semi-annually at 6.5% through February 9, 2019 and 8.5% through maturity which is February 8, 2020.		$	1,333,334			$	1,333,334

Notes payable-private placement dated March 31, 2017. Interest is payable semi-annually at 6.5% through March 31, 2019 and 8.5% through maturity which is March 31, 2020. Net of debt discount of $443,896 and $540,924 as of June 30, 2018 and December 31, 2017, respectively.			223,104				126,076

Line of credit-floor plan dated February 16, 2018. Facility provides up to $25,000,000 of available credit secured by vehicle inventory and other assets. Interest rate at June 30, 2018 was 7.2%. Principal and interest is payable on demand.			2,568,053				-

Loan Agreement with Hercules Capital Inc. dated April 30, 2018. Interest only at 10.75% and is payable monthly through December 1, 2018. Principal and interest payments commence on January 1, 2019 through maturity which is May 1, 2021. Net of $738,182 of unamortized debt issuance costs.			4,489,317				-

Line of credit-floor plan dated November 2, 2017. Facility provides up to $2,000,000 of available credit secured by vehicle inventory and other assets. Interest rate at December 31, 2017 was 6.5%. Principal and interest is payable on demand.			-				1,081,593
		$	8,613,808			$	2,541,003
Current portion			3,615,291				1,081,593

Long-term portion		$	4,998,517			$	1,459,410