| Notes payable |
| |
|
(in thousands) |
|
| |
|
March 31, |
|
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Promissory note dated November 22, 2017, issued for the purchase of real property. Matures December 1, 2020, with an option to extend the maturity date 1 year. The promissory note bears interest at 12.0% for year one and escalates 0.5% per year thereafter up to 13.5%. In the event of default, the note is convertible at the holder's option. |
|
$ |
4,500 |
|
|
$ |
4,500 |
|
| Promissory note dated January 18, 2018, issued for the purchase of real property. The promissory note is collateralized by the land and building purchased and matures February 1, 2021, with an option to extend the maturity date 1 year. The promissory note bears interest at 12.0% for year one and escalates 0.5% per year thereafter up to 13.0%. The full principle balance and accrued interest are due at maturity. In the event of default, the note is convertible at the holder's option. |
|
|
6,500 |
|
|
|
6,500 |
|
| Senior convertible promissory note dated July 25, 2018, issued to accredited investors under the 2018 Master Securities Purchase and Convertible Promissory Notes Agreement, which matures January 25, 2020 and bears interest at a rate of 7.5% per annum. The conversion price is $4.50, subject to adjustment. |
|
|
150 |
|
|
|
150 |
|
| Senior convertible promissory note dated September 6, 2018, issued to accredited investors under the 2018 Master Securities Purchase and Convertible Promissory Notes Agreement, which matures March 7, 2020 and bears interest at a rate of 7.5% per annum. The conversion price is $4.50, subject to adjustment. |
|
|
- |
|
|
|
1,200 |
|
| Promissory note dated October 5, 2018 , issued for the purchase of real property. Matures October 5, 2021. The promissory note bears interest at 12.0% for year one and escalates 0.5% per year thereafter up to 13.5%. In the event of default, the note is convertible at the holder's option. |
|
|
1,600 |
|
|
|
1,600 |
|
| Securities Purchase Agreement dated December 3, 2018, issued to accredited investors, which matures June 3, 2020 and bears interest at a rate of 3.0% per annum. The conversion price is 5.0% discount to the average of the three (3) lowest VWAPs in the five (5) trading days prior to the conversion date. |
|
|
450 |
|
|
|
7,000 |
|
| Senior convertible promissory note dated March 12, 2019, issued to accredited investors under the 2018 Master Securities Purchase and Convertible Promissory Notes Agreement, which matures September 12, 2020 and bears interest at a rate of 7.5% per annum. The conversion price is $4.50, subject to adjustment. |
|
|
5,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Long-Term Debt |
|
$ |
18,200 |
|
|
$ |
20,950 |
|
| Less: Debt Discount |
|
|
(5,169 |
) |
|
|
(2,637 |
) |
| Net Long Term Debt |
|
|
13,031 |
|
|
|
18,313 |
|
|