| Schedule of notes payable |
| |
|
March 31, |
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|
December 31, |
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| |
|
2020 |
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|
2019 |
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| Unsecured, interest only, note payable with Chris Parkes originally due December 31, 2018. Interest payments due monthly at an annual rate of 20.4%. Note payable revised in December 2018 extending the maturity date to March 31, 2020. During August 2019, the maturity date was extended to March 31, 2020 and the interest rate was decreased to an annual rate of 9%. In consideration for extending the due date of the Note and reducing the interest rate, the Company issued the Holder 3,000 shares of Common Stock. Beginning in April 2020, the Company is making monthly payments in the amount of $10,000. |
|
$ |
80,000 |
|
|
|
80,000 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured, interest only, note payable with David Parkes originally due December 31, 2018. Interest payments due monthly at an annual rate of 18.0%. Note payable revised in December 2018 extending the maturity date to March 31, 2020. During August 2019, the maturity date was extended to March 31, 2020 and the interest rate was decreased to an annual rate of 9%. In consideration for extending the due date of the Note and reducing the interest rate, the Company issued the Holder 3,000 shares of Common Stock. Beginning in April 2020, the Company is making payments in the amount of $10,000. |
|
|
100,000 |
|
|
|
100,000 |
|
| |
|
|
|
|
|
|
|
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| Note payable with Hydrofarm Holdings Group, Inc. (“Hydrofarm”), secured by all currently existing and future assets. Interest accrues at 8.0% per year and is paid quarterly. The note matures on the earlier of: (a) 90 days notice from Hydrofarm; (b) acceleration of the note payable due to the Company being in default; or (c) December 2023. The note was repaid in full on February 27, 2020. |
|
|
– |
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|
|
2,000,000 |
|
| |
|
|
|
|
|
|
|
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| Secured agreement to sell future receivables to GCF Resources, LLC, net of $30,000 in closing fees. The agreement requires 32 weekly payments of $42,190 totaling $1,350,000. The agreement matures on May 7, 2020 but is repayable prior to maturity for less than the $1,350,000 in total payments. The note was repaid in full on February 27, 2020. |
|
|
– |
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|
|
632,709 |
|
| |
|
|
|
|
|
|
|
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| Total |
|
|
180,000 |
|
|
|
2,812,709 |
|
| Less current maturities |
|
|
(180,000 |
) |
|
|
(2,812,709 |
) |
| Long Term |
|
$ |
– |
|
|
$ |
– |
|
|