Notes Payable and Stock Warrants

9 Months Ended

Sep. 30, 2019

Payables and Accruals [Abstract]

Notes Payable and Stock Warrants

Notes Payable and Stock Warrants

The notes payable balance consists of the following:

Notes payable principal balance	$	3,000,000
Deferred issuance costs	(254,247		)
Discount	(288,504		)
Total notes payable, net at inception on February 23, 2018	2,457,249
Proceeds from issuance of long-term debt	1,000,000
Revaluation of long-term debt	(447,008		)
Accretion of discount	202,195
Deferred issuance costs	(87,609		)
Total notes payable, net at December 31, 2018	$	3,124,827
Repayment of long-term debt	(489,321		)
Accretion of discount	217,336
Total notes payable, net at September 30, 2019	$	2,852,842

The notes bear interest at prime plus 0.75% and mature on June 30, 2021. As of September 30, 2019, the Company was in compliance with the financial covenants contained in the Amended and Restated Term Loan Credit Agreement.