Quarterly report pursuant to Section 13 or 15(d)

6. Notes Payable and Interest Expense (Tables)

v3.20.2
6. Notes Payable and Interest Expense (Tables)
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of notes payable

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

 

Facility   Maturity   Interest Rate   Balance at
June 30,
2020
  Balance at
December 31,
2019
BDC Term Loan   October 15, 2021   25%   $              198,984   $          224,307
ACOA Note   May 1, 2023   -                  103,867              117,131
Wintrust Bank   November 1, 2021   Prime + 1.5%                  566,667              766,667
TD Bank   December 31, 2022   -                    29,262                          -
Chase Bank   April 10, 2022   1%                  891,103                          -
Related Party Note   various   15%               1,280,000           1,140,700
Total Debt                       3,069,883           2,248,805
Less current portion                         (614,241)             (681,276)
Long-term debt, net of current portion           $           2,455,642   $       1,567,529