Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.20.2
Notes Payable (Tables)
3 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Notes payable consisted of the following at June 30, 2020 and March 31, 2020:

 

    June 30, 2020     March 31, 2020  
Insurance Financing Agreement with a finance company, monthly payments of $119,943 including interest of 4.54% per annum; secured by an insurance policy; due January 2021   $ 827,039     $  
An unsecured promissory note with a bank, pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act     449,050        
A Factoring and Security Agreement for up to $2,000,000 with a bank, interest at Prime plus 2% of the amount of advances outstanding and a factoring fee of 0.01% per day of the face amount of each invoice for each calendar day that a factored invoice is outstanding     22,912       489,051  
Equipment Financing Agreement with a bank, monthly payments of $720 including imputed interest at 6.95% per annum; secured by laboratory equipment; due October 2022     18,554       20,370  
Equipment Financing Agreement with a bank, monthly payments of $596 including imputed interest at 6.590% per annum; secured by manufacturing equipment; due July 2021     7,795       9,441  
An unsecured convertible note with an investor including interest at 10% per annum; due September 2019, which was extended by the noteholder until May 2020           1,000,000  
A series of unsecured convertible bridge notes with investors, including interest of 8% per annum; due between June 2020 and February 2021           410,000  
A series of unsecured convertible bridge notes with investors, including interest of 8% per annum; due between January and February 2022           290,198  
      1,325,350       2,219,060  
Less current portion, net of debt issuance costs     (1,106,518 )     (1,913,255 )
Notes Payable, net of current portion   $ 218,832     $ 305,805  

Schedule of Future Maturities of Notes Payable

Future maturities of notes payable are as follows as of June 30, 2020:

 

Year Ending March 31,   Amount  
2021 (nine months)   $ 1,106,518  
2022     215,994  
2023     2,838  
Total balance   $ 1,325,350