Quarterly report pursuant to Section 13 or 15(d)

7. Convertible Notes Payable (Tables)

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7. Convertible Notes Payable (Tables)
3 Months Ended
Mar. 31, 2016
Convertible Notes Payable Tables  
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 $1.00 per share. The conversion ratio shall be equal to $0.75 per unit. These notes mature from May 2016 through January 2017.   $ 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. The notes mature in May and June 2016.     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.     9,293,021       9,062,019  
                 
Total convertible notes payable before discount and debt issuance costs     12,096,364       11,799,795  
                 
Less discounts     (3,987,250 )     (4,413,119 )
Less debt issuance costs     (1,546,967 )     (1,714,477 )
                 
Total convertible notes payable     6,562,147       5,672,199  
                 
Less Current Portion     3,321,037       2,497,114  
                 
Convertible notes payable, net of current portion   $ 3,241,110     $ 3,175,085  
Payments due on convertible notes payable
Twelve months ended March 31,      
2017     3,321,037  
2018     2,883,593  
2019     5,891,735  
      12,096,364