Quarterly report pursuant to Section 13 or 15(d)

6. Notes Payable (Tables)

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6. Notes Payable (Tables)
6 Months Ended
Jun. 30, 2017
Notes Payable Tables  
Convertible notes payable outstanding

    2017     2016  
             
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.   $ 1,550,000     $ 1,575,000  
                 
Secured promissory note which matures on June 15, 2018 and bears interest at 12% per annum.     2,146,686       2,646,686  
                 
Unsecured promissory note which matures on December 15, 2020, and bears interest at LIBOR + 500 per annum.     13,000,000       13,000,000  
                 
Total notes payable before discount and debt issuance costs     16,696,686       17,221,686  
                 
Less discounts     (2,217,803 )     (2,587,519 )
Less debt issuance costs     (236,361 )     (313,344 )
                 
Total notes payable     14,242,522       14,320,823  
                 
Less current portion     2,250,000       1,500,000  
                 
Notes payable, net of current portion   $ 11,992,522     $ 12,820,823  

Payments due on convertible notes payable

Twelve months ended June 30,      
2018   $ 2,250,000  
2019     4,300,000  
2020     3,000,000  
2021     7,146,686  
    $ 16,696,686