| Convertible notes payable outstanding |
| |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| 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. |
|
$ |
1,550,000 |
|
|
$ |
1,575,000 |
|
| |
|
|
|
|
|
|
|
|
| Secured promissory note which matures on June 15, 2018 and bears interest at 12% per annum. |
|
|
2,646,686 |
|
|
|
2,646,686 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured promissory note which matures on December 15, 2020, and bears interest at LIBOR + 500 per annum. |
|
|
13,000,000 |
|
|
|
13,000,000 |
|
| |
|
|
|
|
|
|
|
|
| Total notes payable before discount and debt issuance costs |
|
|
17,196,686 |
|
|
|
17,221,686 |
|
| |
|
|
|
|
|
|
|
|
| Less discounts |
|
|
(2,403,660 |
) |
|
|
(2,587,519 |
) |
| |
|
|
|
|
|
|
|
|
| Less debt issuance costs |
|
|
(274,520 |
) |
|
|
(313,344 |
) |
| |
|
|
|
|
|
|
|
|
| Total notes payable |
|
|
14,518,506 |
|
|
|
14,320,823 |
|
| |
|
|
|
|
|
|
|
|
| Less current portion |
|
|
2,125,000 |
|
|
|
1,500,000 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable, net of current portion |
|
$ |
12,393,506 |
|
|
$ |
12,820,823 |
|
|
| Payments due on convertible notes payable |
| Twelve months ended March 31, |
|
|
|
| 2018 |
|
|
2,125,000 |
|
| 2019 |
|
|
4,175,000 |
|
| 2020 |
|
|
3,000,000 |
|
| 2021 |
|
|
7,896,686 |
|
| |
|
$ |
17,196,686 |
|
|