Annual report pursuant to Section 13 and 15(d)

Debt

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Debt
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Debt

NOTE 12 – DEBT

 

In 2017, convertible promissory notes totaling $2.05 million in principal and approximately $262,000 of accrued interest were converted into 4,385,823 shares of common stock; and promissory notes totaling $300,000 in principal and $50,000 of accrued interest were retired via the issuance of 1,000,000 shares of commons stock. Both transactions are further disclosed in Note 3 above.

 

During 2017, the Company raised 9,475,000 from the issuance of promissory notes with interest rates ranging from 4.5% to 12%, all with maturity dates of 12 months or less from the date of issue.

 

In October 2017, the Company entered into a mortgage agreement with Bank of New England for its New Bedford, Massachusetts location. The principal balance on the mortgage was $2,895,000 with an interest rate of 6.5%.

 

During 2016, the Company issued $950,000 of promissory notes with interest rates between 10% and 12%, and repaid $175,000 in promissory notes. Also during 2016, the Company converted two promissory notes plus accrued interest into Class A units of Mia Development LLC, a majority-owned subsidiary.