Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.20.1
Debt (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Debt

As of December 31, 2019 and December 31, 2018, debt consisted of the following:

 

    December 31,     December 31,  
    2019     2018  
Line of credit:                
Asset backed line of credit   $ 472,567     $ 561,804  
Debt issuance costs     (15,573 )     (30,000 )
Total line of credit     456,995       531,804  
                 
Senior convertible notes payable:                
Senior convertible notes payable     1,428,161       1,428,161  
Debt issuance costs     (366,666 )     (466,667 )
Total long-term senior convertible notes payable     1,061,495       961,494  
Less: current portion of long-term notes payable     -       -  
Noncurrent portion of long-term convertible notes payable     1,061,495       961,494  
                 
Notes payable:                
Notes payable     1,621,015       370,250  
Debt issuance costs     (212,848 )     -  
Total long-term debt     1,408,167       370,250  
Less: current portion of long-term debt     (1,365,675 )     (313,572 )
Noncurrent portion of long-term debt     42,492       56,678  
                 
Notes payable – related parties:                
Notes payable     3,282,021       3,464,191  
Less: current portion of long-term debt – related parties     (1,686,352 )     (932,701 )
Noncurrent portion of long-term debt – related parties   $ 1,595,669     $ 2,531,490  

Schedule of Maturities of Long-term Debt

The scheduled maturities of the debt for the next five years as of December 31, 2019, are as follows:

 

For the Years Ended December 31,   Amount  
2020   $ 3,737,443  
2021     206,760  
2022     1,419,285  
2023     1,440,278  
2024     -  
Thereafter     -  
    $ 6,803,766  
Less: debt discount     (595,088 )
    $ 6,208,678