| Convertible notes payable outstanding |
The Company has the following notes payable
outstanding as of December 31:
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
| Unsecured convertible promissory notes which had an original 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. |
|
$ |
- |
|
|
$ |
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. |
|
|
- |
|
|
|
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. |
|
|
1,575,000 |
|
|
|
1,645,000 |
|
| |
|
|
|
|
|
|
|
|
| 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 $0.50 per share. |
|
|
- |
|
|
|
9,062,019 |
|
| |
|
|
|
|
|
|
|
|
| Secured promissory note which matures on June 15, 2018 and bears interest at 12% per annum. |
|
|
2,646,686 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Unsecured promissory note which matures on December 15, 2020, and bears interest at LIBOR + 500 per annum. |
|
|
13,000,000 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable before discount |
|
|
17,221,686 |
|
|
|
11,799,795 |
|
| |
|
|
|
|
|
|
|
|
| Less discounts |
|
|
(2,587,519 |
) |
|
|
(4,413,119 |
) |
| |
|
|
|
|
|
|
|
|
| Less debt issuance costs |
|
|
(313,344 |
) |
|
|
(1,714,477 |
) |
| |
|
|
|
|
|
|
|
|
| Total notes payable |
|
|
14,320,823 |
|
|
|
5,672,199 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion |
|
|
1,500,000 |
|
|
|
2,497,114 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable, net of current portion |
|
$ |
12,820,823 |
|
|
$ |
3,175,085 |
|
|
| Payments due on convertible notes payable |
| As of December 31, 2016, scheduled principal payments due on convertible notes payable are as follows: |
|
| |
|
|
|
| Twelve months ended December 31, |
|
|
|
| 2017 |
|
$ |
1,500,000 |
|
| 2018 |
|
|
4,075,000 |
|
| 2019 |
|
|
3,000,000 |
|
| 2020 |
|
|
8,646,686 |
|
| |
|
$ |
17,221,686 |
|
|