|9 Months Ended|
Sep. 30, 2018
|Debt Disclosure [Abstract]|
NOTE 7. NOTES PAYABLE
Outstanding promissory notes and other notes payable consisted of the following:
During the nine months ended September 30, 2018, the Company issued short-term agreements and promissory notes payable in the aggregate of $37,203 net of original issue discounts of $9,606 and deferred financing costs of $1,828. The short-term agreements and promissory notes payable are unsecured, bear interest between 4% and 12% per annum and mature between three months and one year. During the nine months ended September 30, 2018, the Company repaid a total of $20,636 in cash and issued an aggregate of 394,173 shares of common shares for the payment of $2,784 in promissory note principal and accrued interest.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef