Annual report pursuant to Section 13 and 15(d)

Notes Payable and Interest Expense (Tables)

v3.21.1
Notes Payable and Interest Expense (Tables)
12 Months Ended
Dec. 31, 2020
Notes Payable and Interest Expense [Abstract]  
Schedule of Notes Payable

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







 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Facility

 

Maturity

 

Interest Rate

 

Balance at December 31, 2020

 

Balance at
December 31,
2019

BDC Term Loan

 

October 15, 2021

 

23.5% 

 

$

160,088 

 

$

224,307 

ACOA Note

 

February 1, 2024

 

 —

 

 

111,430 

 

 

117,131 

Wintrust Bank

 

November 1, 2021

 

Prime + 1.5%

 

 

366,667 

 

 

766,667 

TD Bank

 

December 31, 2022

 

 —

 

 

31,390 

 

 

 —

Chase Bank

 

April 10, 2022

 

1% 

 

 

891,102 

 

 

 —

Related Party Notes

 

various

 

15% 

 

 

580,000 

 

 

1,140,700 

Total Debt

 

 

 

 

 

 

2,140,677 

 

 

2,248,805 

Less current portion

 

 

 

 

 

 

(641,676)

 

 

(681,276)

Long-term debt, net of current portion

 

 

 

 

 

$

1,499,001 

 

$

1,567,529 



Schedule of Principal Payments on Notes Payable

Principal payments on notes payables are due as follows:







 

 



 

 

Year ending December 31,

Amount

2021

$

641,676 

2022

 

1,462,121 

2023

 

33,410 

2024

 

3,470 

2025

 

 —

Thereafter

 

 —

   Total future debt payments

 

2,140,677 



Summary of Interest Expense

The following table summarizes interest expense for the years ended December 31, 2020 and 2019:







 

 

 

 

 



 

 

 

 

 



December 31,



2020

 

2019

Interest expense

$

286,896 

 

$

236,706 

Total interest expense

$

286,896 

 

$

236,706