Quarterly report pursuant to Section 13 or 15(d)

Notes Payable and Interest Expense (Tables)

v3.20.2
Notes Payable and Interest Expense (Tables)
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Notes Payable

The following table presents details of our notes payable as of September 30, 2020 and December 31, 2019:

 

Facility   Maturity   Interest Rate     Balance at
September 30,
2020
    Balance at
December 31,
2019
 
BDC Term Loan   October 15, 2021     25 %   $ 188,306     $ 224,307  
ACOA Note   May 1, 2023     -       106,095       117,131  
Wintrust Bank   November 1, 2021     Prime + 1.5 %     466,667       766,667  
TD Bank   December 31, 2022     -       29,890       -  
Chase Bank   April 10, 2022     1 %     891,103       -  
Related Party Note   various     15 %     1,280,000       1,140,700  
Total Debt                 2,962,061       2,248,805  
Less current portion                 (644,021 )     (681,276 )
Long-term debt, net of current portion               $ 2,318,040     $ 1,567,529