Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.20.2
Debt (Tables)
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt

As of June 30, 2020 and December 31, 2019, debt consisted of the following:

 

    June 30, 2020     December 31, 2019  
Line of credit:                
Secured line of credit   $ 1,690,945     $ -  
Receivables financing     460,163       472,567  
Debt issuance costs     -       (15,573 )
Total lines of credit     2,151,108       456,995  
                 
Convertible notes payable:                
Senior convertible notes payable – related parties     1,428,161       1,428,161  
Senior convertible notes payable     1,100,000       -  
Convertible notes payable     336,000       -  
Debt issuance costs     (851,901 )     (366,666 )
Total convertible notes payable     2,012,260       1,061,495  
Less: current portion of long-term convertible notes payable     (900,765 )     -  
Noncurrent portion of long-term convertible notes payable     1,111,495       1,061,495  
                 
Notes payable:                
Notes payable     1,882,064       1,621,015  
Debt issuance costs     (86,350 )     (212,848 )
Total long-term debt     1,795,714       1,408,167  
Less: current portion of long-term debt     (970,710 )     (1,365,675 )
Noncurrent portion of long-term debt     825,004       42,492  
                 
Notes payable – related parties:                
Notes payable     2,667,513       3,282,021  
Less: current portion of long-term debt – related parties     (1,166,365 )     (1,686,352 )
Noncurrent portion of long-term debt – related parties   $ 1,501,148     $ 1,595,669  
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 (excluding the six months ended June 30, 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