Annual report pursuant to Section 13 and 15(d)

LONG TERM DEBT (Tables)

v3.20.1
LONG TERM DEBT (Tables)
12 Months Ended
Dec. 31, 2019
LINE OF CREDIT  
Schedule of maturities of long term debt

 

December 31,

 

December 31,

 

2019

 

2018

 

(1)

Note payable bearing interest at 12.0% per annum, due December 31, 2020

 

$

118,000

 

$

106,000

 

(2)

Note bearing interest at 8% per annum

 

-

 

494,000

 

(3)

Non-interest bearing note

 

-

 

10,000

 

(4)

Related Party Long term debt bearing interest at 8%, due April 15, 2021

 

93,000

 

92,000

 

(5)

Related Party Promissory note bearing interest at 18%, due December 31, 2020

 

556,000

 

714,000

 

(6)

Convertible note bearing interest at 10%, due August 8, 2020

 

81,000

 

-

 

(7)

Convertible note bearing interest at 10%, due December 16, 2020

 

45,000

 

-

 

893,000

 

1,416,000

 

Less current maturities

 

(880,000

)

 

(1,361,000

)

 

 

Total Long-term debt

 

$

13,000

 

$

55,000

 

Summary of future minimum payment long term debt

2020

 

880,000

 

2021

 

13,000

 

893,000