On March 6, 2016, the Company entered into a short-term loan payable in exchange for proceeds of $34,701 (ARS $500,000) which was used to pay certain payroll and payroll tax obligations. The loan matured on May 6, 2016 and bore interest of 10% over term of the loan. All principal and interest due under the loan payable was repaid in full on May 6, 2016.

On November 7, 2016, the Company received a bank loan in the amount of $33,300 (ARS $500,000). The loan had no stated maturity date and bore interest at 10% per month, and interest payments are due monthly. The loan was paid in full on March 13, 2017. The Company paid interest of $7,978 (ARS $125,000) and $6,470 (ARS $100,000) for the years ended December 31, 2017 and 2016, respectively, related to this loan.

On March 31, 2017, the Company received a bank loan in the amount of $519,156 (ARS $8,000,000). The loan bears interest at 24.18% per annum and is due on March 1, 2021. Principal and interest will be paid in forty-two monthly installments beginning on October 1, 2017 and ending on March 1, 2021. The loan is secured by the Algodon Mansion and does not contain any covenants. The principal balance on the bank loan is $398,306 at December 31, 2017. The Company incurred interest expense of $100,115 on this loan during the year ended December 31, 2017.

On August 19, 2017, the Company purchased 845 hectares of land adjacent to its existing property at AWE. The Company paid $100,000 at the date of purchase and executed a note payable in the amount of $600,000 with a stated interest rate of 0% and with quarterly payments of $50,000 beginning on December 18, 2017 and ending August 18, 2021. At the date of purchase, the Company took possession of the property, with full use and access, and will receive the deed to the property after $400,000 of the purchase price has been paid. The Company imputed interest on the note at 7% per annum and recorded a discounted note balance of $517,390 on August 19, 2017. Amortization of the note discount in the amount of $12,217 for the year ended December 31, 2017 is recorded as interest expense on the accompanying consolidated statements of operations. The balance on the note was $479,607, net of debt discount of $70,393 on December 31, 2017, of which $118,886 (net of discount of $31,114) is included in loans payable, net, current and $360,721 (net of discount of $39,279) is included in loans payable, net, non-current in the accompanying consolidated balance sheets.

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