Wow....need to sell a lot of machines to settle the score here....
Related Party Secured Promissory Notes, including accrued interest, consists of the following at periods ended:
As of
September 30, 2019 As of
December 31, 2018
Secured Demand Promissory Note - $1,664,000 Canadian dollars in 2015 and $505,000 Canadian dollars in 2016, bearing interest of 4% to 12% per annum, respectively, with the company CEO. $ 2,056,605 $ 1,907,636
Secured Demand Promissory Note - $358,850 in February and March of 2015 and $150,000 in February of 2016, bearing interest of 4% to 12% per annum, respectively, with company CEO 660,432 628,382
Secured Demand Promissory Note - $100,000 Canadian dollars in February 16, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport, Road, Thorold, Ontario CA with a company Director 80,531 75,892
Secured Demand Promissory Note - $125,000, July 11, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport Road, Thorold, Ontario CA with a company Director 130,553 126,711
Secured Demand Promissory Note - $125,000 in July 31, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport Road, Thorold, Ontario CA. with a company Director. 130,583 126,740
Secured Demand Promissory Note - $20,000 Canadian dollars in February of 2019 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport Road, Thorold, Ontario CA. with a Company Director 15,491 -
Secured Demand Promissory Note - $170,000 Canadian dollars in first, second and third quarters of 2019 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport Road, Thorold, Ontario CA. with the Company’s CEO 130,386 -
Secured Promissory Notes with the company’s CEO ($1,000,000 in November 19, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2019 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries. The Secured Promissory Note became past due on November 19, 2019. The Company is currently is discussion with the company’s CEO on extending the Secured Promissory Notes. 1,743,784 1,595,798
Secured Promissory Notes with the company’s CEO - $1,000,000 in August 29, 2013 and $2,000,000 in September 30, 2014) bearing interest of 12% per annum compounded annually, payable upon maturity in 2018 and extended in July of 2019 until December 31, 2020. In consideration for the extension, the Company issued 3,000,000 options with an exercise price of $.02. Loan is secured by a security interest in substantially all of the assets of the Company and its subsidiaries. 5,941,206 5,463,259
Secured Promissory Note -$100,000 in August 24, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries with a company Director. 141,451 129,685
Secured Demand Promissory Note - $170,000 Canadian dollars in the first, second and third quarters of 2019, bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 -Allanport, Road, Thorold, Ontario CA. with a Company Director 130,567 -
Secured Promissory Note -$400,000 in October 18, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries with a company Director. 553,481 502,848
Total 11,715,070 10,556,951
Less: Current Portion Short Term Secured Promissory Notes – related parties $ 11,022,843 $ 9,924,418
Long Term Secured promissory notes – related parties $ 692,227 $ 632,533
15
Continuity of Secured Promissory Notes – Related Party
As of
September 30, 2019
As of
December 31, 2018
Face value of secured promissory notes $ 7,268,664 $ 6,996,441
Accrued interest on secured promissory notes payable 4,456,273 3,581,343
Less: Unamortized debt discount (9,867 ) (20,833 )
Carrying value of Secured Promissory Notes – Related parties $ 11,715,070 $ 10,556,951
The following annual payments of principal and interest are required over the next three years in respect to these short term and long term secured promissory notes with related parties:
Years Ending December 31, Annual Payments
2019 $ 5,081,637
2020 5,941,206
2021 692,227
Total $ 11,715,070
NOTE 6 – SECURED PROMISSORY NOTE
Secured promissory note consists of the following at periods ended:
As of
September 30, 2019
As of
December 31, 2018
Secured Promissory Note -$100,000 in August 10, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries. $ 142,093 $ 130,274
Total 142,093 130,274
Less: current portion
Related Party Secured Promissory Notes, including accrued interest, consists of the following at periods ended:
As of
September 30, 2019 As of
December 31, 2018
Secured Demand Promissory Note - $1,664,000 Canadian dollars in 2015 and $505,000 Canadian dollars in 2016, bearing interest of 4% to 12% per annum, respectively, with the company CEO. $ 2,056,605 $ 1,907,636
Secured Demand Promissory Note - $358,850 in February and March of 2015 and $150,000 in February of 2016, bearing interest of 4% to 12% per annum, respectively, with company CEO 660,432 628,382
Secured Demand Promissory Note - $100,000 Canadian dollars in February 16, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport, Road, Thorold, Ontario CA with a company Director 80,531 75,892
Secured Demand Promissory Note - $125,000, July 11, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport Road, Thorold, Ontario CA with a company Director 130,553 126,711
Secured Demand Promissory Note - $125,000 in July 31, 2018 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport Road, Thorold, Ontario CA. with a company Director. 130,583 126,740
Secured Demand Promissory Note - $20,000 Canadian dollars in February of 2019 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport Road, Thorold, Ontario CA. with a Company Director 15,491 -
Secured Demand Promissory Note - $170,000 Canadian dollars in first, second and third quarters of 2019 bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 Allanport Road, Thorold, Ontario CA. with the Company’s CEO 130,386 -
Secured Promissory Notes with the company’s CEO ($1,000,000 in November 19, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2019 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries. The Secured Promissory Note became past due on November 19, 2019. The Company is currently is discussion with the company’s CEO on extending the Secured Promissory Notes. 1,743,784 1,595,798
Secured Promissory Notes with the company’s CEO - $1,000,000 in August 29, 2013 and $2,000,000 in September 30, 2014) bearing interest of 12% per annum compounded annually, payable upon maturity in 2018 and extended in July of 2019 until December 31, 2020. In consideration for the extension, the Company issued 3,000,000 options with an exercise price of $.02. Loan is secured by a security interest in substantially all of the assets of the Company and its subsidiaries. 5,941,206 5,463,259
Secured Promissory Note -$100,000 in August 24, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries with a company Director. 141,451 129,685
Secured Demand Promissory Note - $170,000 Canadian dollars in the first, second and third quarters of 2019, bearing interest of 4% per annum, payable on demand and secured by the blending site property located at 1776 -Allanport, Road, Thorold, Ontario CA. with a Company Director 130,567 -
Secured Promissory Note -$400,000 in October 18, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries with a company Director. 553,481 502,848
Total 11,715,070 10,556,951
Less: Current Portion Short Term Secured Promissory Notes – related parties $ 11,022,843 $ 9,924,418
Long Term Secured promissory notes – related parties $ 692,227 $ 632,533
15
Continuity of Secured Promissory Notes – Related Party
As of
September 30, 2019
As of
December 31, 2018
Face value of secured promissory notes $ 7,268,664 $ 6,996,441
Accrued interest on secured promissory notes payable 4,456,273 3,581,343
Less: Unamortized debt discount (9,867 ) (20,833 )
Carrying value of Secured Promissory Notes – Related parties $ 11,715,070 $ 10,556,951
The following annual payments of principal and interest are required over the next three years in respect to these short term and long term secured promissory notes with related parties:
Years Ending December 31, Annual Payments
2019 $ 5,081,637
2020 5,941,206
2021 692,227
Total $ 11,715,070
NOTE 6 – SECURED PROMISSORY NOTE
Secured promissory note consists of the following at periods ended:
As of
September 30, 2019
As of
December 31, 2018
Secured Promissory Note -$100,000 in August 10, 2016 bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2021 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries. $ 142,093 $ 130,274
Total 142,093 130,274
Less: current portion
