Convertible Note Payable Outstanding |
The Company has the following convertible notes
payable outstanding as of June 30, 2015 and December 31, 2014:
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
Unsecured convertible promissory notes which had an original term of three years, bear interest at 12% per annum, and are convertible into units, where each unit consists of: (i) one share of common stock of the Company, par value $0.001 per share, and (ii) a warrant to purchase 0.25 shares of common stock of the Company at an exercise price of $1.00 per share. The conversion ratio shall be equal to $0.75 per unit. |
|
$ |
1,014,240 |
|
|
$ |
3,245,499 |
|
|
|
|
|
|
|
|
|
|
Unsecured convertible promissory notes which have a term of three years, bear interest at 12% per annum, and are convertible into units, where each unit consists of: (i) 1 share of common stock of the Company, par value $0.001 per share, and (ii) a warrant to purchase 0.25 shares of common stock of the Company at an exercise price of $0.75 per share. The initial conversion ratio shall be equal to $0.50 per unit. |
|
|
693,673 |
|
|
|
654,408 |
|
|
|
|
|
|
|
|
|
|
Secured convertible promissory notes which mature on July 31, 2018, bear interest at 10% per annum, and are convertible into one share of common stock, par value $0.001 per share, with the initial conversion ratio equal to $0.50 per share. |
|
|
1,645,000 |
|
|
|
1,705,000 |
|
|
|
|
|
|
|
|
|
|
Secured convertible note which matures on July 31, 2018, bear interest at 12% per annum, and is convertible into one share of common stock, par value $0.001 per share, with the initial conversion ratio equal to $0.50 per share. |
|
|
8,015,382 |
|
|
|
10,475,388 |
|
|
|
|
|
|
|
|
|
|
Total convertible notes payable before discount |
|
|
11,368,295 |
|
|
|
16,080,295 |
|
|
|
|
|
|
|
|
|
|
Less discounts |
|
|
(5,082,580 |
) |
|
|
(8,275,321 |
) |
|
|
|
|
|
|
|
|
|
Total convertible notes payable |
|
|
6,285,715 |
|
|
|
7,804,974 |
|
|
|
|
|
|
|
|
|
|
Less current portion |
|
|
1,247,719 |
|
|
|
3,080,376 |
|
|
|
|
|
|
|
|
|
|
Convertible notes payable, net of current portion |
|
$ |
5,037,996 |
|
|
$ |
4,724,598 |
|
|
Payments due on convertible notes payable |
As of June 30, 2015, schedule principal payments
due on convertible notes payable are as follows:
Twelve months ended June 30, |
|
|
|
2016 |
|
|
1,247,719 |
|
2017 |
|
|
2,868,862 |
|
2018 |
|
|
2,299,368 |
|
2019 |
|
|
4,952,346 |
|
|
|
|
11,368,295 |
|
|