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9 NOTES PAYABLE (Details Narrative)
6 Months Ended
Jun. 30, 2017
USD ($)
shares
Balance of note $ 357,464
Short term Notes Payable 313,500
Long term Notes Payable 286,821
Notes Payable 1 [Member]  
Principle $ 30,000
Interest rate 8.00%
Balance of note $ 25,000
Notes Payable 2 [Member]  
Principle $ 86,821
Interest rate 5.00%
Balance of note $ 86,821
Maturity date Jun. 30, 2017
Notes Payable 3 [Member]  
Principle $ 10,000
Interest rate 13.70%
Additional money borrowed $ 1,000
Terms

The Company is to make payments of $181 each business day (Monday through Friday) until the loan is paid off.  The effective interest rate on the note is 137%.  The note has been paid and the outstanding balance is $1,000 as of June 30, 2017.

Maturity date Feb. 01, 2020
Notes Payable 4 [Member]  
Principle $ 500,000
Interest rate 10.00%
Additional money borrowed $ 527,333
Terms

 

On May 19, 2014, Snöbar Holdings entered into a secured convertible promissory note with a principal balance of $500,000.  The note was secured by interests in cash, accounts receivable, other receivables, inventory, supplies, other assets of Snöbar Holdings including general intangibles and rights of each liquor license owned by Snöbar Trust.  The note has an interest rate of 10% and an original maturity date of December 31, 2015.  The Company was to make interest only payments beginning July 1, 2014.  The lender determined Snöbar Holdings to be in default and on January 29, 2015, entered into a mutually agreed loan modification.  The agreement increased the principal balance of the note as of December 31, 2014 to $527,333 and all interest due and payable was deemed to have been paid and the conversion rights of the note were removed.  The modification also removed and deleted, in its entirety, all secured interests in cash, accounts receivable, other receivables, inventory, supplies, and other assets of Snöbar Holdings, including intangibles, and rights of each liquor license owned by Snöbar Trust.

 

The maturity date was December 31, 2015 if Snöbar Holdings is not in default, the maturity date of the note should automatically be extended to December 31, 2016 ("First Extended Maturity Date"). Commencing on January 1, 2016, Snöbar Holdings was to make monthly payments of $15,000 until the First Extended Maturity Date.  Assuming Snöbar Holdings is not in default with respect to its obligations as of the First Extended Maturity Date, the note shall automatically be extended to December 31, 2017 ("Second Extended Maturity Date").  Commencing on January 1, 2017, the monthly payments increased to $25,000 for every month until the Second Extended Maturity Date.  All accrued but unpaid interest, charges and the remaining principal balance of the note is fully due and payable on the Second Extended Maturity Date.

 

In January of 2016 the company decided to enter into renegotiation period for the repayment terms of the modification dated January 29, 2015.

 

Maturity date Dec. 31, 2017
Notes Payable 5 [Member]  
Principle $ 527,333
Shares issued for note payment | shares 400,000
Terms

The agreement called for issuance of 400,000 restricted shares of the Company's common stock and $200,000 in future cash payment comprising of $25,000 on March 31, 2017, $25,000 on March 31, 2018, $25,000 on March 31, 2019, and $125,000 on March 31, 2020.  As of March 10, 2017, Pacific Ventures has issued to the creditor, 400,000 restricted shares of the Company's common stock, and has also paid the $25,000 for the required March 31, 2017 cash payment. The balance of the note as of June 30, 2017 is $175,000.

Notes Payable 6 [Member]  
Principle $ 15,000
Interest rate 2.00%
Balance of note $ 15,000
Notes Payable 7 [Member]  
Principle $ 313,500
Notes Payable 8 [Member]  
Terms

On July 22, 2013, Snöbar Holdings entered into an unsecured promissory note with a certain unrelated third party. The note had a principal balance of $15,000 with an original interest rate of 5%. Maturity date has been extended to December 31, 2018, and interest rate has been reduced to 2%, and lender agreed to make all interest retroactive and deferred.  The balance of the note was $15,000 as of June 30, 2017 and December 31, 2016.

Maturity date Dec. 31, 2018
Notes Payable 9 [Member]  
Principle $ 272,500
Interest rate 8.00%
Notes Payable 10 [Member]  
Principle $ 172,500
Interest rate 8.00%
Notes Payable 11 [Member]  
Principle $ 10,000
Interest rate 8.00%
Notes Payable 12 [Member]  
Principle $ 10,000
Interest rate 8.00%