| Schedule of notes payable |
The following table presents details of our notes payable as of
December 31, 2019 and 2018:
| Facility |
|
Maturity |
|
Interest Rate |
|
Balance at
December 31,
2019 |
|
Balance at
December 31,
2018 |
| BDC Term Loan |
|
October 15, 2021 |
|
25 % |
|
$ |
224,307 |
|
$ |
252,837 |
| ACOA Note |
|
May 1, 2021 |
|
- |
|
|
117,131 |
|
|
141,081 |
| Wintrust Bank |
|
November 1, 2021 |
|
Prime + 1.5 % |
|
|
766,667 |
|
|
1,000,000 |
| Related Party Note |
|
March 31, 2020 |
|
15 % |
|
|
1,140,700 |
|
|
80,000 |
| Total Debt |
|
|
|
|
|
|
2,248,805 |
|
|
1,473,918 |
| Less current portion |
|
|
|
|
|
|
(681,276) |
|
|
(1,279,590) |
| Long-term debt, net of current portion |
|
|
|
|
|
$ |
1,567,529 |
|
$ |
194,328 |
|
| Schedule of principal payments on note payables |
Principal payments on notes payables are due
as follows:
| Year ending December 31, |
|
Amount |
| 2020 |
|
$ |
681,276 |
| 2021 |
|
|
1,521,070 |
| 2022 |
|
|
37,971 |
| 2023 |
|
|
8,488 |
| 2024 |
|
|
- |
| Thereafter |
|
|
- |
| Total future debt payments |
|
|
2,248,805 |
|
| Summary of Interest Expense |
The following table summarizes interest expense for the years ended
December 31, 2019 and 2018:
| |
|
December 31, |
| |
|
2019 |
|
2018 |
| Interest expense |
|
$ |
236,706 |
|
$ |
210,422 |
| Total interest expense |
|
$ |
236,706 |
|
$ |
210,422 |
|