| Schedule of debt |
Debt
as of March 31, 2017 and December 31, 2016, was comprised of the following:
| |
2017 |
|
2016 |
| 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
|
|
1,605,000
|
| Debt
discount on convertible notes |
(13,200) |
|
(14,900) |
| |
|
|
|
| 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 and for the three
months ended March 31, 2017, the Company recorded 300,000 shares of its common stock as issuable under the terms of this agreement.
The shares were valued at $210,000 recorded as interest expense. Additional shares will be issued by the Company under the
terms of the agreement. |
200,000
|
|
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 and for the three months ended March 31, 2017, the Company recorded
200,000 shares of its common stock as issuable under the terms of this agreement. The shares were valued at $135,000 recorded
as interest expense. Additional shares will be issued by the Company under the terms of the agreement. |
200,000
|
|
200,000
|
| |
|
|
|
| Secured
short term note payable dated January 23, 2017 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 issued. |
200,000
|
|
—
|
| |
|
|
|
| Secured
short term note payable dated March 30, 2017 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 not been reached. |
250,000
|
|
—
|
| |
|
|
|
| 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 |
30,800
|
|
43,600
|
| |
|
|
|
| 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 |
169,800
|
|
180,000
|
| |
|
|
|
| Note
payable insurance premium financing, interest at 4.25% per annum, payable in 10 installments of $44,706, due November 1, 2017 |
306,400
|
|
—
|
| |
|
|
|
|
Capital
lease obligations, secured by certain assets, maturing through March 2019
|
81,000
|
|
109,600
|
| Total
notes payable and capital lease obligations |
3,029,800 |
|
2,323,300 |
| Less: current
portion |
(1,280,300) |
|
(571,800) |
| Notes
payable and capital lease obligations, long-term, including debt discount |
$ 1,749,500 |
|
$ 1,751,500 |
|