| 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. |
|
|
1,646,686 |
|
|
|
2,646,686 |
|
| |
|
|
|
|
|
|
|
|
| Unsecured promissory
note which matures on December 15, 2020, and bears interest at LIBOR (1.32% and 0.99% as of September 30, 2017 and December
31, 2016, respectively) + 500 per annum. |
|
|
13,000,000 |
|
|
|
13,000,000 |
|
| |
|
|
|
|
|
|
|
|
| Total notes payable
before discount and debt issuance costs |
|
|
16,196,686 |
|
|
|
17,221,686 |
|
| |
|
|
|
|
|
|
|
|
| Less discounts |
|
|
(2,028,735 |
) |
|
|
(2,587,519 |
) |
| Less debt issuance
costs |
|
|
(198,201 |
) |
|
|
(313,344 |
) |
| |
|
|
|
|
|
|
|
|
| Total
notes payable |
|
|
13,969,750 |
|
|
|
14,320,823 |
|
| |
|
|
|
|
|
|
|
|
| Less
current portion |
|
|
2,375,000 |
|
|
|
1,500,000 |
|
| |
|
|
|
|
|
|
|
|
| Notes
payable, net of current portion |
|
$ |
11,594,750 |
|
|
$ |
12,820,823 |
|
|
| Payments due on convertible notes payable |
| Twelve
months ended September 30, |
|
|
|
| 2018 |
|
$ |
2,375,000 |
|
| 2019 |
|
|
4,425,000 |
|
| 2020 |
|
|
3,000,000 |
|
| 2021 |
|
|
6,396,686 |
|
| |
|
$ |
16,196,686 |
|
|