NOTE 16 - NOTES PAYABLE
|12 Months Ended|
Dec. 31, 2015
|Notes to Financial Statements|
|NOTE 16 - NOTES PAYABLE||
NOTE 16 NOTES PAYABLE
During the year ended December 31, 2015, MariMed borrowed $1,575,000 via promissory notes and repaid $375,000 before year end. The notes mature between July 15, 2015 and January 7, 2016 and carry a ten percent interest rate.
Two of the notes were converted to Class A shares in the Mia in February of 2016. The remaining notes have reached maturity but are still outstanding and being paid interest at a rate of ten percent.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://www.xbrl.org/2003/role/presentationRef