Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.7.0.1
Notes Payable
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Notes Payable

6. NOTES PAYABLE

 

    March 31, 2017     December 31, 2016  
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 48 months.
  $ 1,231,100       1,336,517  
                 
Other Notes Payable                
                 
Notes were refinanced in conjunction with the senior debt and Benchmark acquisition.     5,894,619       5,094,116  
Less deferred financing costs     (723,586 )     (926,343 )
Total other note payable, net     5,171,033       4,167,773  
                 
Notes payable bearing interest at a stated rate between 10% and 12% per annum. Terms range from 1 to 12 months.     4,078,276       2,000,000  
Less: Original Issue Discount     (57,500 )     -  
Total Notes Payable   $ 4,020,776     $ 2,000,000  

 

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.     868,680       960,549  
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.     1,439,308       1,508,758  
Total Notes payables   $ 12,730,897     $ 9,973,597  
Less: Current portion   $ (5,430,565   $ (3,443,562 )
Total Notes non-current portion   $ 7,300,332     $ 6,530,035