Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE (Tables)

v2.4.1.9
NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Notes payable consisted of the following at December 31, 2014 and 2013:

 

 

 

2014

 

 

2013

 

PTG notes payable, net of discount

 

$

14,385,643

 

 

$

17,480,676

 

Related party, note payable

 

 

1,065,324

 

 

 

1,095,181

 

Vehicles, notes payable

 

 

86,364

 

 

 

—

 

 

 

 

15,537,331

 

 

 

18,575,857

 

Less: current portion

 

 

(3,480,864

)

 

 

(2,929,918

)

Total long-term debt

 

$

12,056,467

 

 

$

15,645,939

 

  
Schedule of Payment Amounts

The fair value of the notes, net of the debt discount, was $20,670,000 at the time of issuance. The note terms are summarized as follows:

 

 

 

Monthly Payment Amounts

 

 

 

 

 

 

 

Prime Table Games, LLC

 

 

Prime Table Games UK

 

 

 

 

 

Payment Year

 

(in USD)

 

 

(in GBP)

 

 

Interest Rate

 

2012

 

$

100,000

 

 

£

64,000

 

 

 

3

%

2013

 

 

130,000

 

 

 

76,800

 

 

 

4

%

2014

 

 

160,000

 

 

 

89,600

 

 

 

5

%

2015

 

 

190,000

 

 

 

102,400

 

 

 

6

%

2016

 

 

220,000

 

 

 

115,200

 

 

 

7

%

2017

 

 

220,000

 

 

 

115,200

 

 

 

8

%

2018

 

 

220,000

 

 

 

115,200

 

 

 

9

%

  
Schedule of Maturities

Maturities of our notes payable as of December 31, 2014 are as follows:

 

Maturities as of:

 

Total

 

2015

 

$

3,480,864

 

2016

 

 

4,198,360

 

2017

 

 

5,384,781

 

2018

 

 

3,306,338

 

2019

 

 

18,934

 

Total long term debt

 

$

16,389,277

 

Less: debt discount

 

 

(851,946

)

Long-term debt, net of debt discount

 

$

15,537,331