|
NOTES PAYABLE AND UNSECURED CONVERTIBLE DEBENTURES (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| Notes Payable And Unsecured Convertible Debentures Tables |
|
| Notes Payable and Unsecured convertible debentures |
The
table below summarizes the Company’s notes payable and unsecured convertible debentures as of September 30, 2014:
| |
|
Related
Party |
|
|
Unrelated |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
| Secured debt |
|
$ |
- |
|
|
$ |
4,027,666 |
|
|
$ |
4,027,666 |
|
| Revolving credit facilities |
|
|
557,000 |
|
|
|
30,000 |
|
|
|
587,000 |
|
| Other notes and debt |
|
|
540,000 |
|
|
|
34,078 |
|
|
|
574,078 |
|
| Total notes payable |
|
$ |
1,097,000 |
|
|
$ |
4,091,744 |
|
|
$ |
5,188,744 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Unsecured convertible |
|
|
|
|
|
|
|
|
|
|
|
|
| debentures, net of discount |
|
$ |
- |
|
|
$ |
1,493,844 |
|
|
$ |
1,493,844 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total debt |
|
$ |
1,097,000 |
|
|
$ |
5,585,588 |
|
|
$ |
6,682,588 |
|
|
| Unsecured Convertible debentures outstanding |
As of September 30, 2014, we had the following unsecured convertible
debentures outstanding to the following:
| |
|
Amount |
|
Maturity Date |
|
Interest Rate |
|
# of Warrants |
|
| |
|
|
|
|
|
|
|
|
|
|
| HCI |
|
$ |
1,150,000 |
|
June 30, 2016 |
|
10% |
|
1,920,007 |
|
| AQR |
|
|
200,000 |
|
December 1, 2012 |
|
20% |
|
576,002 |
|
| CNH |
|
|
100,000 |
|
December 1, 2012 |
|
20% |
|
288,003 |
|
| Coventry |
|
|
166,139 |
|
April 1, 2016 |
|
16% |
|
575,999 |
|
| Total |
|
|
1,616,139 |
|
|
|
|
|
3,360,011 |
|
| Less debt discount |
|
|
(122,295 |
) |
|
|
|
|
|
|
| Debentures, net |
|
$ |
1,493,844 |
|
|
|
|
|
|
|
|
| Secured Debt |
As
part of the agreement the Company is required to make monthly payments by the 25th of each month based on agreed upon EBITDA milestones
with the remaining principal and interest payable on March 1, 2016.
| |
|
Total
Monthly
Payment |
|
| |
|
|
|
| August 2014 – October 2014 |
|
$ |
20,700 |
|
| November 2014 – January 2015 |
|
$ |
25,000 |
|
| February 2014 – March 2015 |
|
$ |
37,500 |
|
| April 2015 – June 2015 |
|
$ |
50,000 |
|
| July 2015 – August 2015 |
|
$ |
62,500 |
|
| September 2015 – October 2015 |
|
$ |
75,000 |
|
| November 2015 – December 2015 |
|
$ |
87,500 |
|
| January 2016 – February 2016 |
|
$ |
100,000 |
|
|