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Notes Payable
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Notes Payable

10. Notes Payable

 

Notes payable as of September 30, 2019 and December 31, 2018 consists of the following:

 

    September 30, 2019     December 31, 2018  
Notes payable bearing interest at 5.00%. The notes’ principal, plus any accrued and unpaid interest is due May 1, 2021. Interest is paid monthly.     2,300,000       2,300,000  
Notes payable bearing interest at 5.00%. The notes’ principal, plus any accrued and unpaid interest is due December 31, 2019.     250,000       -  
Notes payable bearing interest at 5.00%. Principal and accrued interest is payable in six equal installments on each six-month anniversary of the issuance date of January 11, 2019. The notes are secured by the security interests and subordinated to the Company’s senior indebtedness.     633,584       -  
Note payable bearing interest at 5.50% is secured by a company-owned vehicle. The note has a 60-month term with maturity in January 2024. Principal and accrued interest are paid in accordance with a monthly amortization schedule.     264,456       -  
Promissory note payable bearing interest of 5.2%. The note has a 46-month term with maturity in May 2023. Principal and accrued interest are paid in accordance with a monthly amortization schedule. The note is secured by the assets of Craft Canning.     188,018       -  
Promissory note payable bearing interest of 4.45%. The note has a 34-month term with maturity in May 2022. Principal and accrued interest are paid in accordance with a monthly amortization schedule. The note is secured by the assets of Craft Canning and includes debt covenants requiring a Current Ratio of 1.75 to 1.00 and a Debt Service Coverage Ratio of 1.25 to 1.00. Craft Canning must also provide annual financial statements and tax returns. Craft Canning has maintained compliance with all debt covenants.     290,455       -  
Promissory note payable under a revolving line of credit bearing variable interest starting at 5.5%. The note has a 12-month term with principal and accrued interest due in lump sum in July 2020. The borrowing limit is $250,000. The note is secured by the assets of Craft Canning.     50,000       -  
Promissory note payable bearing interest of 4.14%. The note has a 60-month term with maturity in July 2024. Principal and accrued interest are paid in accordance with a monthly amortization schedule. The note is secured by the assets of Craft Canning.     192,184       -  
Promissory note payable bearing interest of 3.91%. The note has a 60-month term with maturity in August 2024. Principal and accrued interest are paid in accordance with a monthly amortization schedule. The note is secured by the assets of Craft Canning.     295,489       -  
Promissory notes payable bearing interest between 2.99% - 3.71%. The notes have 60-month terms with maturity dates between July 2019 – June 2020. Principal and accrued interest are paid monthly. The notes are secured by the specific vehicle underlying the loan.     19,488       -  
Total notes payable     4,483,674       2,300,000  
Less current portion     558,912       -  
Long-term portion of notes payable   $ 3,924,762     $ 2,300,000  

 

We paid $131,081 and $143,737 in interest on notes for the nine months ended September 30, 2019 and 2018, respectively.

 

Maturities of notes payable as of September 30, 2019, are as follows:

 

Year ending December 31:

 

2019   $ 307,088  
2020     613,274  
2021     2,867,300  
Thereafter     696,012  
    $ 4,483,674