Convertible notes payable outstanding |
The Company has the following convertible notes
payable outstanding as of June 30, 2016 and December 31, 2015:
|
|
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 $1.00 per share. The conversion ratio shall be equal to $0.75 per unit. |
|
$ |
378,932 |
|
|
$ |
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. |
|
|
779,411 |
|
|
|
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. |
|
|
1,645,000 |
|
|
|
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. |
|
|
9,529,912 |
|
|
|
9,062,019 |
|
|
|
|
|
|
|
|
|
|
Total convertible notes payable before discount and debt issuance costs |
|
|
12,333,255 |
|
|
|
11,799,795 |
|
|
|
|
|
|
|
|
|
|
Less discounts |
|
|
(3,561,385 |
) |
|
|
(4,413,119 |
) |
Less debt issuance costs |
|
|
(1,380,085 |
) |
|
|
(1,714,477 |
) |
|
|
|
|
|
|
|
|
|
Total convertible notes payable |
|
|
7,391,785 |
|
|
|
5,672,199 |
|
|
|
|
|
|
|
|
|
|
Less Current Portion |
|
|
4,041,935 |
|
|
|
2,497,114 |
|
|
|
|
|
|
|
|
|
|
Convertible notes payable, net of current portion |
|
$ |
3,349,850 |
|
|
$ |
3,175,085 |
|
|
Payments due on convertible notes payable |
As of June 30, 2016, scheduled principal payments
due on convertible notes payable are as follows:
Twelve months ended June 30, |
|
|
|
2017 |
|
$ |
4,041,935 |
|
2018 |
|
|
2,883,593 |
|
2019 |
|
|
5,407,727 |
|
|
|
$ |
12,333,255 |
|
|