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Note 7. Notes Payable: Notes Payable (Tables)
 9 Months Ended
Dec. 31, 2014
Tables/Schedules  
Notes Payable

Notes Payable owed by Morris consisted of the following:

 

 

 

December 31,

2014

 

 

March 31,

2014

 

 

 

 

 

 

Notes payable to GE Financial, payable in monthly installments ranging from $2,999 to $7,535 including interest, with interest rates ranging from 6.69% to 8.53%, secured by equipment

 

 

93,584

 

 

 

149,364

 

 

 

 

 

 

 

 

 

 

Notes payable to Wells Fargo Bank, payable in monthly installments  ranging from $569 to $5,687 including interest, with interest rates ranging from 7.00% to 7.25%, secured by equipment

 

 

423,366

 

 

 

574,547

 

 

 

 

 

 

 

 

 

 

Note payable to Mack Financial Services, payable in monthly installments of $8,359 including interest, with interest at 7.19% secured by equipment.

 

 

-

 

 

 

203,348

 

 

 

 

 

 

 

 

 

 

Note payable to Mack Financial Services, payable in monthly installments of $2,105 including interest, with interest at 7.19% secured by equipment.

 

 

50.051

 

 

 

59,096

 

 

 

 

 

 

 

 

 

 

Notes payable to Volvo Financial Services, payable in monthly installments ranging from $1,884 to $6,408 including interest, with interest rates ranging from 7.00% to 7.50%,  secured by equipment

 

 

364,023

 

 

 

859,337

 

 

 

 

 

 

 

 

 

 

Totals

 

$

931,024

 

 

$

1,845,692

 

 

 

Notes payable owed by Smith consisted of the following:

 

 

 

December 31,

2014

 

 

March 31,

2014

 

 

 

 

 

 

Notes payable to bank,  payable in monthly installments of $60,000 including interest,  with interest at 9%, collateralized by substantially all of Smith assets

 

$

637,914

 

 

$

977,484

 

 

 

 

 

 

 

 

 

 

Notes payable to bank,  payable in monthly installments including interest, with interest at 6.5%, collateralized by substantially all of Smith assets

 

 

1,402,753

 

 

 

1,447,753

 

 

 

 

 

 

 

 

 

 

Note payable to Ally, payable in monthly installments of $599 including interest, with interest at 6%, secured by a vehicle.

 

 

6,432

 

 

 

11,503

 

 

 

 

 

 

 

 

 

 

Notes payable to John Deere, payable monthly including interest, secured by equipment

 

 

514

 

 

 

5,135

 

 

 

 

 

 

 

 

 

 

Unsecured, non-interest bearing note payable to Colorado Holdings Valley Bank, payable in monthly installments of $5,000, through 2023.

 

 

701,570

 

 

 

701,570

 

 

 

 

 

 

 

 

 

 

Total

 

$

2,749,183

 

 

$

3,143,445

 

 

Notes payable owed by Integrated Freight Corporation consisted of the following:

 

 

 

December 31,

2014

 

 

March 31,

2014

 

 

 

 

 

 

Various notes payable currently payable on demand.  Interest rates ranging from 4.0% to 18%.  Various warrants issued with an exercise price ranging between $0.10 and $0.50 per share.  Various notes contain a conversion feature allowing the holder to convert the debt into shares of common stock at a strike price between $0.30 and $0.50 per share.

 

$

903,476

 

 

$

1,083,101

 

 

 

 

 

 

 

 

 

 

Note payable to a former related party, with interest at 12.00%, a default judgment has been awarded to the holder; the Company intends to comply with the judgment when funds are available.

 

 

45,115

 

 

 

45,115

 

 

 

 

 

 

 

 

 

 

Note payable to Robins Consulting, payable in quarterly installments of  $60,000, currently payable on demand, with interest at 7.50%, secured by 1,056,300 shares of Integrated Freight Corporation stock

 

 

572,500

 

 

 

572,500

 

 

 

 

 

 

 

 

 

 

Convertible promissory notes with an investment firm, simple interest of 8%, currently payable on demand, convertible at the option of the holder at prices as defined.

 

 

151,155

 

 

 

151,155

 

 

 

 

 

 

 

 

 

 

Original Issue Discount Senior Debenture with an investment firm, currently payable on demand, secured by equipment

 

 

343,200

 

 

 

343,200

 

 

 

 

 

 

 

 

 

 

Convertible note payable to Wall Street Angel Partners LLC dated August 16, 2012, bearing interest at 8%, currently payable on demand

 

 

23,000

 

 

 

23,000

 

 

 

 

 

 

 

 

 

 

Convertible promissory notes with an investment firm, non-interest bearing, currently payable on demand, convertible at the option of the holder at prices as defined.

 

 

40,000

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Various convertible promissory notes dated November 5, 2014 totaling $30,000, non-interest, with a maturity date of August 5, 2015, convertible at the option of the holder at prices as defined, net of unamortized discount of $23,334

 

 

6,666

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Totals

 

$

2,085,112

 

 

$

2,218,071

 

  

Summary

 

 

 

IFC

 

 

Morris

 

 

Smith

 

 

Total

 

 

 

 

 

 

 

 

 

 

Notes payable, current portion

 

$

2,085,112

 

 

$

427,175

 

 

$

2,598,273

 

 

$

5,110,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

-

 

 

 

503,849

 

 

 

150,910

 

 

 

654,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total as of December 31, 2014

 

$

2,085,112

 

 

$

931,024

 

 

$

2,749,183

 

 

$

5,765,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal maturities of long term debt for the next five years are as follows 

 

Year Ending

 

 

December 31,

 

Total

 

 

2015

 

$

5,110,560

 

 

2016

 

 

422,076

 

 

2017

 

 

167,515

 

 

2018

 

 

65,168

 

 

2019

 

 

-

 

 

Thereafter

 

 

-

 

 

 

 

 

5,765,319