| Convertible notes payable outstanding |
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
| 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) 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 $0.50 per share. The conversion ratio shall be equal to $0.75 per unit. |
|
$ |
294,273 |
|
|
$ |
357,483 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
782,469 |
|
|
|
735,293 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
1,625,000 |
|
|
|
1,645,000 |
|
| |
|
|
|
|
|
|
|
|
| Secured convertible note which matures on July 31, 2018, bear interest at 12% per annum, an 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. |
|
|
9,646,687 |
|
|
|
9,062,019 |
|
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable before discount and debt issuance costs |
|
|
12,348,429 |
|
|
|
11,799,795 |
|
| |
|
|
|
|
|
|
|
|
| Less discounts |
|
|
(3,130,837 |
) |
|
|
(4,413,119 |
) |
| Less debt issuance costs |
|
|
(1,214,475 |
) |
|
|
(1,714,477 |
) |
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable |
|
|
8,003,117 |
|
|
|
5,672,199 |
|
| |
|
|
|
|
|
|
|
|
| Less Current Portion |
|
|
3,960,335 |
|
|
|
2,497,114 |
|
| |
|
|
|
|
|
|
|
|
| Convertible notes payable, net of current portion |
|
$ |
4,042,782 |
|
|
$ |
3,175,085 |
|
|
The Company has the following convertible notes
payable outstanding as of December 31:
| |
|
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. |
|
$ |
357,483 |
|
|
$ |
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. |
|
|
735,293 |
|
|
|
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. |
|
|
9,062,019 |
|
|
|
10,475,388 |
|
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable before discount |
|
|
11,799,795 |
|
|
|
16,080,295 |
|
| |
|
|
|
|
|
|
|
|
| Less discounts |
|
|
(4,413,119 |
) |
|
|
(8,275,321 |
) |
| Less debt issuance costs |
|
|
(1,714,477 |
) |
|
|
(2,285,696 |
) |
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable |
|
|
5,672,199 |
|
|
|
5,519,278 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion |
|
|
2,497,114 |
|
|
|
3,080,376 |
|
| |
|
|
|
|
|
|
|
|
| Convertible notes payable, net of current portion |
|
$ |
3,175,085 |
|
|
$ |
2,438,902 |
|
|