| Schedule of debt |
Debt as of December 31, 2016 and 2015
was comprised of the following:
| |
|
2016 |
|
|
2015 |
|
| June 2011 Note - paid in full during 2016 |
|
$ |
— |
|
|
$ |
68,000 |
|
| |
|
|
|
|
|
|
|
|
|
Convertible notes payable, interest at 8% per annum, unpaid principal and interest maturing 3 years from note
date between August 2018 and October 2019, convertible into common stock at the option of the lenders at a rate of $0.70 per share;
one convertible note for $250,000 has a personal guarantee of an officer of the Company
|
|
|
1,605,000 |
|
|
|
1,250,000 |
|
| |
|
|
|
|
|
|
|
|
| Debt discount (see Note 13) |
|
|
(14,900 |
) |
|
|
(16,600 |
) |
| |
|
|
|
|
|
|
|
|
|
Secured short term note payable dated October 24, 2016 with principal and interest due 60 days from issuance.
The note requires a one-time fee in the amount of $10,000 to compensate for the first two weeks of the term and each week thereafter
(weeks 3-8) a fee of $1,000 shall be due and owing accruing on the first day of the week. A fee of 100,000 shares of restricted
common stock shall be issued as a penalty for each month or prorated for any two-week portion of any month the note is outstanding
for months 3 through 6, and a fee of 200,000 shares of restricted common stock shall be issued to lender for each month or prorated
for each two-week portion of any month the note is outstanding beginning in month 7 until paid in full. The note is secured by
specific customer accounts receivables and a personal guarantee of an officer of the Company. This note was paid in full in April
2017. The penalty period for shares to be issued has been reached, however, no shares have yet been issues.
|
|
|
200,000 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
Secured short term note payable dated December 1, 2016 with principal and interest due 60 days from issuance.
The note requires a one-time fee in the amount of $10,000 to compensate for the first two weeks of the term and each week thereafter
(weeks 3-8) a fee of $1,000 shall be due and owing accruing on the first day of the week. A fee of 100,000 shares of restricted
common stock shall be issued as a penalty for each month or prorated for any two-week portion of any month the note is outstanding
for months 3 through 6, and a fee of 200,000 shares of restricted common stock shall be issued to lender for each month or prorated
for each two-week portion of any month the note is outstanding beginning in month 7 until paid in full. The note is secured by
specific customer accounts receivables and a personal guarantee of an officer of the Company. The penalty period for shares to be issued has been reached, however, no shares have yet been issues.
|
|
|
200,000 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
|
43,600 |
|
|
|
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 |
|
|
180,000 |
|
|
|
218,900 |
|
| |
|
|
|
|
|
|
|
|
Capital lease obligations, secured by certain assets, maturing through March 2019
|
|
|
109,600 |
|
|
|
208,900 |
|
| Total notes payable and capital lease obligations |
|
|
2,323,300 |
|
|
|
1,821,500 |
|
| Less: current portion |
|
|
(571,800 |
) |
|
|
(660,100 |
) |
| Notes payable and capital lease obligations, long-term, including debt discount |
|
$ |
1,751,500 |
|
|
$ |
1,161,400 |
|
|
| Schedule of future minimum lease payments |
Future minimum lease payments under capital
leases, which include bargain purchase options, are as follows at December 31, 2016:
| 2017 |
|
$ |
86,300 |
|
| 2018 |
|
|
22,900 |
|
| 2019 |
|
|
9,200 |
|
| Total minimum lease payments |
|
|
118,400 |
|
| Amount representing interest |
|
|
(8,400 |
) |
| Present value of lease payments |
|
|
110,000 |
|
| Less current portion |
|
|
(86,300 |
) |
| Non-current portion |
|
$ |
23,700 |
|
|