7. Debt

On April 26, 2019, we replaced the line of credit of our wholly owned subsidiary Boulder Road LLC with a $17.0 million mortgage with BDS III Mortgage Capital B LLC, as lender.  The mortgage bears interest at a fixed spread over LIBOR, matures on May 1, 2022, with a two-year extension option, is secured by our corporate campus and is guaranteed by Gaia with no recourse against other assets. As of December 31, 2019, the current interest rate was 5.75%. Boulder Road’s financial statements are included within our consolidated financial statements; however, under the terms of the mortgage financing, Boulder Road’s assets and credit are only available to pay its own debts and obligations and are not available to satisfy the debts or obligations of any other entity.

In June 2019, one of our wholly owned subsidiaries issued a $1.45 million secured convertible promissory note as part of the consideration for the platform acquisition discussed in Note 9. This note is secured by the assets acquired by the subsidiary, bears interest at 2% per annum and is due and payable on January 2, 2021. The promissory note is convertible into 208,589 shares of our Class A common stock at the election of the holder at any time prior to maturity. No payments are due on the note prior to maturity.

Also in June 2019, one of our wholly owned subsidiaries issued a $300,000 secured convertible promissory note as part of the consideration for the acquisition of a library of original content discussed in Note 9. This note is secured by the library acquired by the subsidiary, bears interest at 2% per annum and is due and payable on January 2, 2021. The promissory note is convertible into 41,145 shares of our Class A common stock at the election of the holder at any time prior to maturity. No payments are due on the note prior to maturity.

Maturities on long-term debt are as follows: