| Convertible Note Payable Outstanding |
The Company has the following convertible notes
payable outstanding as of March 31, 2015 and December 31, 2014:
| |
|
2015 |
|
|
2014 |
|
| |
|
|
|
|
|
|
| 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 $1.25 per share. The initial conversion ratio shall be equal to $1.00 per unit. |
|
$ |
3,408,150 |
|
|
$ |
3,245,499 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
693,673 |
|
|
|
654,408 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
1,695,000 |
|
|
|
1,705,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
7,777,084 |
|
|
|
10,475,388 |
|
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable before discount |
|
|
13,573,907 |
|
|
|
16,080,295 |
|
| |
|
|
|
|
|
|
|
|
| Less discounts |
|
|
(5,492,975 |
) |
|
|
(8,275,321 |
) |
| |
|
|
|
|
|
|
|
|
| Total convertible notes payable |
|
|
8,080,932 |
|
|
|
7,804,974 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion |
|
|
3,408,150 |
|
|
|
3,080,376 |
|
| |
|
|
|
|
|
|
|
|
| Convertible notes payable, net of current portion |
|
$ |
4,672,782 |
|
|
$ |
4,724,598 |
|
|
| Payments due on convertible notes payable |
As of March 31, 2015, schedule principal payments
due on convertible notes payable are as follows:
| Twelve months ended March 31, |
|
|
|
| 2016 |
|
|
3,408,150 |
|
| 2017 |
|
|
2,568,123 |
|
| 2018 |
|
|
1,908,270 |
|
| 2019 |
|
|
5,689,364 |
|
| |
|
|
13,573,907 |
|
|