Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE (Tables)

v3.20.1
NOTES PAYABLE (Tables)
3 Months Ended
Mar. 31, 2020
VARIABLE INTEREST ENTITIES (Tables)  
Schedule Notes payable

 

(in thousands)

 

March 31,

 

December 31,

 

2020

 

2019

 

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

 

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

 

Promissory note dated June 11, 2019, issued to accredited investors, which matures December 11, 2020 and bears interest at a rate of 7.5% per annum. The conversion price is $4.50 or 87% of the average of the two (2) lowest VWAPs in the thirteen (13) trading days prior to the conversion date.

 

3,500

 

4,000

 

Promissory note dated October 21, 2019, issued to accredited investors, which matures April 21, 2021 and bears interest at a rate of 7.5% per annum. The conversion price is $4.50 or 87% of the average of the two (2) lowest VWAPs in the thirteen (13) trading days prior to the conversion date.

 

1,250

 

1,500

 

Secured promissory note dated December 30, 2019, issued to Matthew Lee Morgan Trust (a related party), which matures December 30, 2020, and bears interest at a rate of 10% per annum.   The note is secured by the Company's HydroFarm investment.

 

500

 

500

 

Secured promissory note dated January 10, 2020, issued to an unaffilitated third party.   The note matures on January 10, 2021 and incurs an interest rate of 15.0% per annum. 

 

1,000

 

-

 

Secured promissory note dated February 13, 2020 issued to an unaffiliated third party.  The loan accrues interest at a rate of 5% per annum and matures on August 13, 2020. 

 

105

 

-

 

Agreement dated March 11, 2020, issued to Clearfi, LLC, an unaffiliated third party. The loan accrues interest at a rate of 20% per annum and matures on April 20, 2020.

 

200

 

-

 

Agreement dated March 12, 2020, issued to Clearfi, LLC, an unaffiliated third party. The loan accrues interest at a rate of 20% per annum and matures on April 21, 2020.

 

192

 

-

 

Notes payable - promissory notes

 

$

18,955

 

$

18,600

 

Other loan agreements

 

392

 

-

 

Vehicle loans

 

19

 

47

 

Less: Short term debt

 

(16,514

)

 

(11,008

)

Less:  Debt discount

 

(692

)

 

(1,069

)

Net Long Term Debt

 

$

2,159

 

$

6,570