CONVERTIBLE NOTES PAYABLE
|6 Months Ended|
Jun. 30, 2019
|Notes to Financial Statements|
|Note 9 - CONVERTIBLE NOTES PAYABLE||
On June 10, 2016, the Company issued to BICX Holding Company, LLC a $2,500,000 senior secured convertible promissory note due March 3, 2020 and bearing interest at 8% per annum due annually beginning June 10, 2018. On March 3, 2017 the convertible promissory note was subsequently amended and is convertible into 42.43% of the Company’s total authorized common stock and the Company received additional investment of $1,660,000 from the holder. The note will be convertible into a fixed number of shares of common stock equal to 42.43% (2,227,575 shares) of the total authorized common stock as of March 3, 2017 (closing). As of June 30, 2018, the convertible promissory note had a balance of $4,160,000.
During the three and six months ended June 30, 2019, the Company amortized $289,394 and $656,231, respectively, of the debt discount to current period interest expense.
The interest expense during the three and six months ended June 30, 2019 was $82,972 and 165,032, respectively.
No definition available.
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://fasb.org/us-gaap/role/ref/legacyRef