| Notes Payable |
NOTE 7. NOTES PAYABLE
Outstanding promissory notes and other notes
payable consisted of the following:
| |
|
March 31, |
|
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| |
|
|
|
|
|
|
| Vendor notes issued to settle litigation, bearing interest rates between 0% and 6% per annum, terms range from 1 to 48 months. |
|
$ |
738 |
|
|
$ |
890 |
|
| |
|
|
|
|
|
|
|
|
| Short-term agreements, due between one and six months |
|
|
3,258 |
|
|
|
7,315 |
|
| |
|
|
|
|
|
|
|
|
| Short-term notes payable bearing interest at stated rates between 4% and 12% per annum. Terms range from 3 to 36 months |
|
|
8,467 |
|
|
|
5,214 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
564 |
|
|
|
695 |
|
| |
|
|
|
|
|
|
|
|
| Various Equipment notes, bearing interest rates between 1.5% and 18% per annum, secured by equipment having a value that approximates the debt value. Terms range from 30 to 72 months |
|
|
1,430 |
|
|
|
1,507 |
|
| |
|
|
|
|
|
|
|
|
| Total Notes Payables |
|
|
14,457 |
|
|
|
15,621 |
|
| Less: Original issue discount and deferred financing costs |
|
|
(2,341 |
) |
|
|
(3,138 |
) |
| Notes payable, net of original issue discount and deferred financing costs |
|
|
12,116 |
|
|
|
12,483 |
|
| Less: Current portion |
|
|
(10,182 |
) |
|
|
(10,488 |
) |
| Total Notes non-current portion |
|
$ |
1,934 |
|
|
$ |
1,995 |
|
During the three months ended March 31, 2018
and year ended December 31, 2017, the Company borrowed an aggregate of $11,725 and $6,877, net of original issue discounts of
$2,713 and $546 and deferred financing costs of $475 and $115, respectively, under seventeen promissory notes payable. The promissory
notes payable are unsecured, bear interest between 4% and 12% per annum and mature between three and six months. During the three
months ended March 31, 2018, and the year ended December 31, 2017, the Company repaid a total of $11,068 and $1,453 in cash and
issued an aggregate of 117,829 and 3,652,640 shares of common shares for the payment of $808 and $937 in promissory note principal
and accrued interest, respectively.
|