|6 Months Ended|
Jun. 30, 2018
|Debt Disclosure [Abstract]|
NOTE 5 – DEBT
During the six months ended June 30, 2018, the Company received additional capital of approximately $1,998,000 from the existing mortgage on the cannabis cultivation and processing facility it is currently developing in the state of Massachusetts.
During the six months ended June 30, 2017, the Company raised $400,000 from the issuance of a promissory note with an interest rate of 10% and a term of 6 months. No promissory notes were issued during the six months ended June 30, 2018.
During the six months ended June 30, 2018, the Company repaid $700,000 of promissory notes, and converted $1,275,000 of promissory notes into 1,679,486 shares of common stock. The conversions resulted in the recording of non-cash losses totaling $818,000, based on the market value of the common stock on the conversion dates. No repayments or conversions of debt occurred during the same period in 2017.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef