Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.5.0.2
Notes Payable
 9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Notes Payable

6. NOTES PAYABLE

 

    September 30, 2016     December 31, 2015  
Vendors Notes (Unsecured)                
Long term vendor Notes (“Vendor Notes”) issued to settle litigation bearing interest rates between 0% and 6% per annum. Terms range from 1 to 9 months.   $ 1,059,337     $ 491,000  

 

Other Notes Payable

 

Notes payable bearing interest at a stated rate of 12% and a 4% PIK per annum. Terms is for 7 months.     2,560,700       -  
Less deferred financing costs     (473,100 )        
Total other note payable, net     2,087,600          
                 
Notes payable bearing interest at a stated rate between 10% and 12% per annum. Terms range from 1 to 4 months.     609,000       709,000  

 

Equipment Notes

 

Obligations under capital leases, bearing interest rates between 4.1% and 8.2% per annum, secured by equipment having a value that approximates the debt value. Terms range from 48 to 60 months.     1,050,935       960,205  
Various Equipment notes, bearing interest rates between 2% and 41% per annum, secured by equipment having a value that approximates the debt value. Terms range from 36 to 72 months.     1,574,475       1,298,978  
Total Notes payables   $ 6,381,347     $ 3,459,183  
Less: Current portion   $ 4,105,491     $ (1,887,120 )
Total Notes non-current portion   $ 2,275,856     $ 1,572,063