Monday, July 24, 2017 9:25:46 AM
Anyone one know where the annual payment of $2.3 million is coming from this year, plus Dick Hed's salary of course. LMAO!!!!
Secured Demand Promissory Note (provided by a related party) bearing interest of 4% per annum. $ 1,726,884 $ 1,695,926
Secured Demand Promissory Note (provided by a related party) bearing interest of 12% per annum. 596,502 567,402
Secured Promissory Notes (provided by a related party -$1,000,000 in November 19, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to one million shares of the Company’s common stock at an exercise price of $0.12 per share, and payable upon maturity in 2019 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries. 1,289,219 1,248,894
Secured Promissory Notes (provided by a related party - $1,000,000 in August 29, 2013 and $2,000,000 in September 31, 2014) bearing interest of 12% per annum compounded annually, together with a five-year warrant to purchase up to three million shares of the Company’s common stock at an exercise price of $0.54 per share and payable upon maturity in 2018 and secured by a security interest in substantially all of the assets of the Company and its subsidiaries. 4,213,710 4,041,737
Total 7,826,315 7,553,959
Less: current portion 2,323,386 2,263,328
Secured promissory notes – related party $ 5,502,929 $ 5,290,631
Continuity of Secured Promissory Notes – Related Party As of
March 31, 2017 As of
December 31, 2016
Face value of November 19, 2014 secured note payable $ 1,000,000 $ 1,000,000
Face value of August 29, 2013 secured note payable 1,000,000 1,000,000
Face value of September 30, 2013 secured note payable 2,000,000 2,000,000
Total face value of promissory notes payable 4,000,000 4,000,000
Discount on November 19, 2014 secured notes payable ( 1,000,000 warrants) (58,082 ) (58,082 )
Discount on August 29, 2013 secured note payable (1,000,000 warrants) (310,200 ) (310,200 )
Discount on September 30, 2013 secured note payable (2,000,000 warrants) (600,400 ) (600,400 )
Accretion of discount on secured notes payable ($4,000,000 secured note payable) 673,178 624,744
Interest on secured notes payable($4,000,000 secured note payable) 1,798,434 1,634,570
Carrying value of Secured Promissory Notes $ 5,502,929 $ 5,290,631
The following annual payments of principal and interest are required over the next five years in respect to these related party secured notes payables:
Years Ending December 31, Annual Payments
2017 $ 2,323,386
2018 4,213,710
2019 1,289,219
2020 -
2021 -
Total $ 7,826,315
errr, duh, it's a scam!
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