| Schedule Of Notes Payable |
The following table presents details of our notes payable as of
December 31, 2018 and 2017:
| Facility |
|
Maturity |
|
Interest Rate |
|
Balance at December 31, 2018 |
|
Balance at
December 31,
2017
|
| BDC Term Loan |
|
September 15, 2019 |
|
12 % |
|
$ |
252,837 |
|
$ |
358,466 |
| ACOA Note |
|
May 1, 2021 |
|
- |
|
|
141,081 |
|
|
175,632 |
|
SVB Working Capital Line of
Credit Facility
|
|
March 30, 2018 |
|
Variable |
|
|
- |
|
|
1,882,936 |
| Wintrust Bank |
|
November 1, 2021 |
|
6.75% |
|
|
1,000,000 |
|
|
- |
| Related Party Note |
|
March 31, 2020 |
|
15 % |
|
|
80,000 |
|
|
- |
| Total Debt |
|
|
|
|
|
|
1,473,918 |
|
|
2,417,034 |
| Debt discount |
|
|
|
|
|
|
- |
|
|
7,786 |
| Less current portion |
|
|
|
|
|
|
(1,279,590) |
|
|
(2,244,010) |
| Long-term debt, net of current portion |
|
|
|
|
|
$ |
194,328 |
|
$ |
180,810 |
|
| Summary of Interest Expense |
The following table summarizes interest expense for the years ended
December 31, 2018 and 2017:
| |
|
December 31, |
| |
|
2018 |
|
2017 |
| Interest expense |
|
$ |
210,421 |
|
$ |
169,044 |
| Total interest expense |
|
$ |
210,421 |
|
$ |
169,044 |
|