Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE (Tables)

v3.3.1.900
NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Notes payable consisted of the following at December 31, 2015 and 2014:

 

 

 

2015

 

 

2014

 

PTG notes payable, net of discount

 

$

10,934,544

 

 

$

14,385,643

 

Carpathia Associates note payable (related party)

 

 

579,083

 

 

 

1,065,324

 

Robert Saucier note payable (related party)

 

 

500,000

 

 

 

—

 

Vehicles, notes payable

 

 

70,664

 

 

 

86,364

 

 

 

 

12,084,291

 

 

 

15,537,331

 

Less: current portion

 

 

(4,648,120

)

 

 

(3,480,864

)

Total long-term debt

 

$

7,436,171

 

 

$

12,056,467

 

 
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, 2015 are as follows:

 

Maturities as of:

 

Total

 

2016

 

$

4,648,120

 

2017

 

 

4,370,645

 

2018

 

 

3,689,905

 

2019

 

 

18,934

 

2020

 

 

—

 

Total long term debt

 

$

12,727,604

 

Less: debt discount

 

 

(643,313

)

Long-term debt, net of debt discount

 

$

12,084,291