| Convertible notes payable outstanding |
The
Company has the following convertible notes payable outstanding as of December 31:
| |
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
| 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 $1.25 per share. The initial conversion ratio shall be equal to $1.00
per unit. |
|
$ |
3,245,499 |
|
|
$ |
2,976,409 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
654,408 |
|
|
|
574,984 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
1,705,000 |
|
|
|
1,902,500 |
|
| |
|
|
|
|
|
|
|
|
| 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 $1.00 per share. (see Note 17 for changes
subsequent to December 31, 2014) |
|
|
10,475,388 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable before
discount |
|
|
16,080,295 |
|
|
|
5,453,893 |
|
| |
|
|
|
|
|
|
|
|
| Less
discounts |
|
|
(8,275,321 |
) |
|
|
(778,220 |
) |
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable |
|
|
7,804,974 |
|
|
|
4,675,673 |
|
| |
|
|
|
|
|
|
|
|
| Less
current portion |
|
|
3,080,376 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Convertible
notes payable, net of current portion |
|
$ |
4,724,598 |
|
|
$ |
4,675,673 |
|
|
| Payments due on convertible notes payable |
As
of December 31, 2014, schedule principal payments due on convertible notes payable are as follows:
| Years
ended December 31, |
|
|
|
|
| 2015 |
|
|
|
3,080,376 |
|
| 2016 |
|
|
|
2,331,915 |
|
| 2017 |
|
|
|
2,401,241 |
|
| 2018 |
|
|
|
8,266,763 |
|
| |
|
|
|
16,080,295 |
|
|
| Shares of common stock |
The
payment of accrued interest through the issuance of shares of common stock is as follows:
| Date
of Accrual |
|
Accrued
Interest
Balance |
|
|
Shares
of
common stock issued |
|
Date
of
Issuance |
| December 31, 2013 |
|
$ |
52,910 |
|
|
|
87,144 |
|
1/1/2014 |
| June 30, 2014 |
|
$ |
203,577 |
|
|
|
184,411 |
|
7/1/2014 |
| December 31, 2014 |
|
$ |
104,105 |
|
|
|
170,500 |
|
1/1/2015 |
|