Quarterly report pursuant to Section 13 or 15(d)

Notes Payable and Long-Term Debt (Tables)

v3.20.2
Notes Payable and Long-Term Debt (Tables)
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Notes Payable and Long-Term Debt

As of June 30, 2020 and December 31, 2019, notes payable and long-term debt consists of:

 

    June 30, 2020     December 31, 2019  
Notes payable to seller of DigitizeIQ, LLC due as noted below 1     -       485,000  
Convertible note payable to River North Equity LLC dated July 13, 2016 with interest at 10% per annum; due April 13, 2017; convertible into Common Stock 2     -       27,500  
Promissory note payable to a lender dated November 4, 2019; accruing interest at 18% per annum; due November 3, 2020; 100,000 shares of restricted Common Stock granted on execution recorded as a debt discount – net of debt discount of $10,770 3     239,230       223,672  
Promissory note payable to Bank3 dated April 17, 2020; accruing interest at 1% per annum, due October 17, 2021.     498,082       -  
Note payable to US Small Business Administration dated May 25, 2020; accruing interest at 3.75% per annum; due May 25, 2050.     150,000       -  
    $ 887,312     $ 736,172