| 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 |
|
| 2019 |
|
|
893,995 |
|
| 2020 |
|
|
150,000 |
|
| 2021 |
|
|
100,000 |
|
| 2022 |
|
|
- |
|
| 2023 |
|
|
- |
|
| |
|
$ |
1,143,995 |
|
|
| Schedule of Loans Payable |
The Company’s loans
payable are summarized below:
| |
|
December 31, 2018 |
|
|
December 31, 2017 |
|
| |
|
Gross
Principal
Amount
|
|
|
Debt Discount |
|
|
Loans
Payable,
Net of Debt
Discount
|
|
|
Gross
Principal
Amount
|
|
|
Debt Discount |
|
|
Loans Payable,
Net of Debt
Discount
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand Loan |
|
$ |
10,647 |
|
|
$ |
- |
|
|
$ |
10,647 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| 2018 Loan |
|
|
464,739 |
|
|
|
- |
|
|
|
464,739 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| 2017 Loan |
|
|
168,609 |
|
|
|
- |
|
|
|
168,609 |
|
|
|
412,047 |
|
|
|
- |
|
|
|
412,047 |
|
| Land Loan |
|
|
500,000 |
|
|
|
(38,098 |
) |
|
|
461,902 |
|
|
|
550,000 |
|
|
|
(70,393 |
) |
|
|
479,607 |
|
| Total Loans Payable |
|
|
1,143,995 |
|
|
|
(38,098 |
) |
|
|
1,105,897 |
|
|
|
962,047 |
|
|
|
(70,393 |
) |
|
|
891,654 |
|
| Less: current portion |
|
|
893,995 |
|
|
|
(22,889 |
) |
|
|
871,106 |
|
|
|
287,838 |
|
|
|
(31,114 |
) |
|
|
256,724 |
|
| Loans Payable, non-current |
|
$ |
250,000 |
|
|
$ |
(15,209 |
) |
|
$ |
234,791 |
|
|
$ |
674,209 |
|
|
$ |
(39,279 |
) |
|
$ |
634,930 |
|
|