| Schedule of debt |
Debt as of March 31, 2016 and December 31,
2015, was comprised of the following:
| |
|
2016 |
|
2015 |
| 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 |
|
|
|
1,250,000 |
|
| Debt discount (see Note 13) |
|
|
(15,400 |
) |
|
|
(16,600 |
) |
| |
|
|
|
|
|
|
|
|
| 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 |
|
|
80,500 |
|
|
|
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 |
|
|
209,500 |
|
|
|
218,900 |
|
| |
|
|
|
|
|
|
|
|
| Note payable insurance premium financing, interest at 4.25% per annum, payable in 10 installments of $28,417, due November 1, 2016 |
|
|
196,100 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Capital lease obligations, secured by certain assets, maturing through March 2019 |
|
|
188,100 |
|
|
|
208,900 |
|
| Total notes payable and capital lease obligations |
|
|
1,976,800 |
|
|
|
1,821,500 |
|
| Less: current portion |
|
|
(856,100 |
) |
|
|
(660,100 |
) |
| Notes payable and capital lease obligations, long-term, including debt discount |
|
$ |
1,120,700 |
|
|
$ |
1,161,400 |
|
|