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 |
|
|