| Schedule of Long-term Debt |
Long
term debt consisted of the following at March 31, 2018 and December 31, 2017:
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March
31,
2018
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December
31,
2017
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|
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|
|
|
|
|
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| As
of December 31, 2016, the Company issued a total of $630,000 of 10% Secured promissory notes with a term expiring April 3,
2017 (the “Maturity Date”), and an original issue discount of thirty-seven and one-half percent (37.5%). The discount
was modified to fifty percent (50%) retroactively with an extension of the maturity to June 2017. During the quarter ended
March 31, 2017, the Company issued an additional $917,833 of 10% Secured promissory notes with terms expiring in June, August
and September of 2017, and an original issue discount of fifty percent (50%). Interest is payable on the outstanding principal
of these notes at 10% per annum on the various maturity dates. The balance shown is net of unamortized discount of $0 and
$0 at March 31, 2018 and December 31, 2017 respectively. |
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- |
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75,000 |
|
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|
|
|
|
|
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| On October 4,
2016, the Company closed on a revolver loan with Crossfirst Bank in the amount of $1,800,000, payable at $15,000 per
month, interest at 10%, with all unpaid principal and accrued interest payable on September 30, 2018. The balance shown
is net of unamortized discount of $6,932 and $10,341 at March, 31, 2018 and December 31, 2017
respectively. |
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|
1,598,068 |
|
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1,594,659 |
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|
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|
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| During
July and August of 2017, the Company borrowed $1,475,000 from private lenders pursuant to a 10% Secured Convertible Promissory
Note with a twelve-month maturity. The balance shown is net of unamortized discount of $144,906 and $271,403 at March 31,
2018 and December 31, 2017 respectively. |
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|
1,330,094 |
|
|
|
1,203,597 |
|
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| During
August through December of 2017, the Company borrowed $2,989,000, and from January through March 2018, the Company borrowed
2,055,000, all from private lenders pursuant to a 10% Secured Promissory Note with all principal and accrued interest payable
on the maturity date of October 31, 2018. The promissory notes are secured by the membership interests of Mid-Con Drilling,
LLC. The balance shown is net of unamortized discount of $1,294,722 and $867,399 at March 31, 2018 and December 31, 2017 respectively. |
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|
3,749,278 |
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|
|
2,121,601 |
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| On
September 8, 2017, the Company closed on a Promissory Note with Cornerstone Bank in the amount of $256,983, payable interest
only for the first twelve months commencing October 8, 2017, variable interest rate, currently at 5.5%, followed by 83 monthly
payments of $3,765, interest at 6%, final payment due on September 8, 2025. The balance shown is net of unamortized discount
of $3,113 and $0 at March 31, 2018 and December 31, 2017 respectively. |
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|
253,969 |
|
|
|
253,870 |
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|
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|
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| On
September 29, 2017, the Company closed on a Promissory Note with Cornerstone Bank in the amount of $290,000, payable interest
only for the first twelve months commencing October 29, 2017, variable interest rate, currently at 5.5%, followed by 83 monthly
payments of $3,765, interest at 6%, final payment due on September 29, 2025. The balance shown is net of unamortized discount
of $3,800 and $3,925 at March 31, 2018 and December 31, 2017 respectively. |
|
|
286,200 |
|
|
|
286,075 |
|
| |
|
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|
|
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|
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| On
October 3, 2017, the Company closed on a Promissory Note with Cornerstone Bank in the amount of $204,000, payable interest
only for the first twelve months commencing November 3, 2017, variable interest rate, currently at 5.5%, followed by 83 monthly
payments of $3,765, interest at 6%, final payment due on October 3, 2025. The balance shown is net of unamortized discount
of $3,341 and $3,451 at March 31, 2018 and December 31, 2017 respectively. |
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200,659 |
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200,549 |
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| On
December 22, 2017, the Company borrowed $8,510,638, through 405 Petrodome, LLC, as agent for Lenders, with an OID of 6%.,
bearing interest initially at 9.875% through June 2018, then 11.375% through December 2018, then 12.875% through June 2019,
then 14.375% through December 2019. Interest only through June 2018, at which time Principal will be payable at $75,000 monthly
for six months and then $125,000 monthly to the maturity date of December 22, 2019. The balance shown is net of unamortized
discounts of $823,633 and $941,108 at March 31, 2018 and December 31, 2017 respectively. |
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2,779,781 |
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7,569,530 |
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|
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| On
January 12, 2018, the Company closed on a Promissory Note with Cornerstone Bank in the amount of $366,000, payable interest
only for the first twelve months commencing February 12, 2018, variable interest rate, currently at 5.5%, followed by 83 monthly
payments of $5,362, interest at 6%, final payment due on January 12, 2026. The balance shown is net of unamortized discount
of $4,727 at March 31, 2018. |
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361,273 |
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|
- |
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| Promissory
note payable to an individual, dated January 17, 2018, in the initial amount of $300,000, payable on demand, no stipulated
interest rate. |
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200,000 |
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- |
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| Merchant
cash advance in the amount of $1,200,000, dated January 23, 2018, with no stipulated interest rate, payable at $48,000 per
month commencing in February 2018 for 6 months, with a balance of $1,212,000 payable July 23, 2018. The balance shown is net
of unamortized discount of $216,000 at March 31, 2018. |
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1,284,000 |
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|
- |
|
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|
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12,043,322 |
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|
13,304,881 |
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| Less
current portion |
|
|
(7,139,004 |
) |
|
|
(3,562,051 |
) |
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|
$ |
4,904,318 |
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|
$ |
9,742,830 |
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