Annual report pursuant to Section 13 and 15(d)

Convertible Notes Payable (Tables)

v3.7.0.1
Convertible Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2016
Convertible Notes Payable [Abstract]  
Schedule of Convertible Notes Payable

Convertible Notes payable are summarized as follows:

 

    December 31, 2016     December 31, 2015  
             
6% Convertible notes payable issued in August 2013 (a)   $ 3,000,000     $ 3,000,000  
Discounts on above convertible note     -       (583,341 )
Discounts on above convertible note     -       -  
8% Convertible notes payable issued in Nov/Dec 2014 (b)     100,000       100,000  
Discounts on above convertible note     -       -  
8% Convertible notes payable issued in January 2015 (c )     150,000       150,000  
Discounts on above convertible note     (46,936 )     (93,231 )
8% Convertible notes payable issued in January 2015 (d)     475,000       475,000  
Discounts on above convertible note     -       (238,152 )
Total Convertible notes payable     3,678,064       2,810,276  
Current portion of convertible notes payable     -       (2,810,276 )
Convertible notes payable, less current portion   $ 3,678,064     $ -  

 

(a) On August 2, 2013, the Company entered into an agreement with seven individual accredited investors, whereby the Company issued separate 6% Secured Subordinate Convertible Notes for a total of $3,000,000 in a private offering and is collateralized by the assets of the Hooters Nottingham restaurant and a subordinate position to all other assets of the Company. The funding from the private offering was used exclusively for the acquisition of the Nottingham, England Hooters restaurant location. The Notes, which had reached maturity on December 31, 2016, contained the following principal terms: