| Convertible notes payable outstanding |
| |
|
June 30, |
|
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| |
|
|
|
|
|
|
| Secured convertible promissory notes which mature on September 1, 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. |
|
$ |
990,000 |
|
|
$ |
1,550,000 |
|
| |
|
|
|
|
|
|
|
|
| Secured promissory note which matures on September 1, 2018 and bears interest at 15% per annum. |
|
|
271,686 |
|
|
|
1,146,686 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured promissory note which matures on December 15, 2020, and bears interest at LIBOR + 500 per annum. |
|
|
13,000,000 |
|
|
|
13,000,000 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured convertible promissory notes which mature on June 15, 2023, bear interest at 12% 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. |
|
$ |
560,000 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable before discount |
|
|
14,821,686 |
|
|
|
15,696,686 |
|
| |
|
|
|
|
|
|
|
|
| Less discounts |
|
|
(1,516,829 |
) |
|
|
(1,841,867 |
) |
| Less debt issuance costs |
|
|
(83,722 |
) |
|
|
(160,041 |
) |
| |
|
|
|
|
|
|
|
|
| Total notes payable |
|
|
13,221,135 |
|
|
|
13,694,778 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion |
|
|
4,093,470 |
|
|
|
3,961,417 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable, net of current portion |
|
$ |
9,127,665 |
|
|
$ |
9,733,361 |
|
|
| Payments due on convertible notes payable |
| Twelve months ended June 30, |
|
|
|
|
|
|
|
|
| 2019 |
|
$ |
4,093,470 |
|
|
|
|
|
| 2020 |
|
|
3,000,000 |
|
|
|
|
|
| 2021 |
|
|
7,168,216 |
|
|
|
|
|
| 2022 |
|
|
- |
|
|
|
|
|
| 2023 |
|
|
560,000 |
|
|
|
|
|
| |
|
$ |
14,821,686 |
|
|
|
|
|
|