| Schedule of debt |
Debt as of December 31, 2015 and 2014 was
comprised of the following:
| |
|
2015 |
|
2014 |
| June 2011 Note - In Default |
|
$ |
68,000 |
|
|
$ |
68,000 |
|
| |
|
|
|
|
|
|
|
|
| Convertible note payable, interest at 8% per annum, $400,000 principal payment due December 31, 2016, remaining unpaid principal and interest due August 20, 2018, convertible into common stock at the option of the lenders at a rate of $1.10 per share |
|
|
1,250,000 |
|
|
|
— |
|
| Debt discount (see Note 13) |
|
|
(16,600 |
) |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Note payable dated February 2012, interest at 5% per annum, $112,500 is due December 31, 2014, convertible in whole or in part to common stock at $.50 per share. In January 2015 this promissory note and accrued interest totaling $257,400 was converted into 514,750 shares on common stock in accordance with the terms on the original convertible note. (see Note 13) |
|
|
— |
|
|
|
225,000 |
|
| |
|
|
|
|
|
|
|
|
| Note payable dated October 13, 2015, interest at 8% per
annum, payable in 24 monthly installments of principal and interest $4,523, due October 1, 2017. Secured by certain assets of
SEM and guaranteed by SEER and MV |
|
|
92,300 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Note payable dated October 13, 2015, interest at 8% per
annum, payable in 60 monthly installments of principal and interest $4,562, due October 1, 2020. Secured by real estate and
other assets of SEM and guaranteed by SEER and MV |
|
|
218,900 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Capital lease obligations, secured by certain assets, maturing through March 2019 |
|
|
208,900 |
|
|
|
130,900 |
|
| Total notes payable and capital lease obligations |
|
|
1,821,500 |
|
|
|
423,900 |
|
| Less: current portion |
|
|
(660,100 |
) |
|
|
(363,000 |
) |
| Notes payable and capital lease obligations, long-term, including debt discount |
|
$ |
1,161,400 |
|
|
$ |
60,900 |
|
|
| Schedule of debt maturities |
Debt
maturities as of December 31, 2015 are as follows:
| Year: |
|
|
|
|
|
| 2016 |
|
|
$ |
660,100 |
|
| 2017 |
|
|
|
165,800 |
|
| 2018 |
|
|
|
894,000 |
|
| 2019 |
|
|
|
57,600 |
|
| 2020 |
|
|
|
44,000 |
|
| |
|
|
$ |
1,821,500 |
|
|
| Schedule of future minimum lease payments |
Future
minimum lease payments under capital leases, which include bargain purchase options, are as follows at December 31, 2015:
| 2016 |
|
|
$ |
117,000 |
|
| 2017 |
|
|
|
79,000 |
|
| 2018 |
|
|
|
23,400 |
|
| 2019 |
|
|
|
8,200 |
|
| Total minimum lease
payments |
|
|
|
227,600 |
|
| Amount representing
interest |
|
|
|
(18,700 |
) |
| Present value of lease
payments |
|
|
|
208,900 |
|
| Less current portion |
|
|
|
(104,800 |
) |
| Non-current portion |
|
|
$ |
104,100 |
|