Convertible notes payable outstanding |
|
|
September 30 |
|
|
December 31 |
|
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
Secured convertible promissory notes which mature on December 15, 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 December 15, 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. |
|
$ |
760,000 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Total convertible notes payable before discount |
|
|
15,021,686 |
|
|
|
15,696,686 |
|
|
|
|
|
|
|
|
|
|
Less discounts |
|
|
(1,392,361 |
) |
|
|
(1,841,867 |
) |
Less debt issuance costs |
|
|
(65,747 |
) |
|
|
(160,041 |
) |
|
|
|
|
|
|
|
|
|
Total notes payable |
|
|
13,563,578 |
|
|
|
13,694,778 |
|
|
|
|
|
|
|
|
|
|
Less current portion |
|
|
3,865,000 |
|
|
|
4,050,000 |
|
|
|
|
|
|
|
|
|
|
Notes payable, net of current portion |
|
$ |
9,698,578 |
|
|
$ |
9,644,778 |
|
|
Payments due on convertible notes payable |
Twelve months ended September 30, |
|
|
|
2019 |
|
$ |
3,865,000 |
|
2020 |
|
|
3,000,000 |
|
2021 |
|
|
7,396,686 |
|
2022 |
|
|
- |
|
2023 |
|
|
760,000 |
|
|
|
$ |
15,021,686 |
|
|