General form of registration statement for all companies including face-amount certificate companies

Loans Payable (Tables)

v3.20.2
Loans Payable (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Debt Disclosure [Abstract]    
Schedule of Loans Payable

The Company’s loans payable are summarized below:

 

    September 30, 2020     December 31, 2019  
   

Gross

Principal

Amount

   

Debt

Discount

   

Loans

Payable,
Net of

Debt

Discount

   

Gross

Principal

Amount

   

Debt

Discount

   

Loans

Payable,
Net of

Debt

Discount

 
                                     
PPP Loan   $ 242,487     $      -     $ 242,487     $ -     $ -     $ -  
EIDL     94,000       -       94,000       -       -       -  
2020 Demand Loan     16,278       -       16,278       -       -       -  
2018 Demand Loan     -       -       -       6,678       -       6,678  
2018 Loan     310,149       -       310,149       352,395       -       352,395  
2017 Loan     16,682       -       16,682       67,491       -       67,491  
Land Loan     160,826       -       160,826       468,500       (16,762 )     451,738  
Total Loans Payable     840,422       -       840,422       895,064       (16,762 )     878,302  
Less: current portion     503,935       -       503,935       795,064       (13,345 )     781,719  
Loans Payable, non-current   $ 336,487     $ -     $ 336,487     $ 100,000     $ (3,417 )   $ 96,583  

The Company’s loans payable are summarized below:

 

    December 31, 2019     December 31, 2018  
    Gross
Principal
Amount
    Debt Discount    

Loans
Payable,
Net of

Debt
Discount

    Gross
Principal
Amount
    Debt Discount     Loans Payable,
Net of Debt
Discount
 
                                     
Demand Loan   $ 6,678     $ -     $ 6,678     $ 10,647     $ -     $ 10,647  
2018 Loan     352,395       -       352,395       464,739       -       464,739  
2017 Loan     67,491       -       67,491       168,609       -       168,609  
Land Loan     468,500       (16,762 )     451,738       500,000       (38,098 )     461,902  
Total Loans Payable     895,064       (16,762 )     878,302       1,143,995       (38,098 )     1,105,897  
Less: current portion     795,064       (13,345 )     781,719       893,995       (22,889 )     871,106  
Loans Payable,
non-current
  $ 100,000     $ (3,417 )   $ 96,583     $ 250,000     $ (15,209 )   $ 234,791  
Schedule of Future Minimum Principal Payments of Loans Payable  

Future minimum principal payments under the loans payable are as follows:

 

    Total  
Years ending December 31,   Payment  
2020   $ 795,064  
2021     100,000  
    $ 895,064