Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.7.0.1
Long-Term Debt (Tables)
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Components of Long-Term Debt
Long-term debt consisted of the following:
 
 
 
March 31,
 
December 31,
 
 
 
2017
 
2016
 
 
 
 
 
 
 
Convertible, Senior Secured Notes payable. The principal is due June 3, 2017 and no payments are required prior to maturity. The notes carry a 5% interest rate, payable upon the notes’ maturity. Both the principal plus accrued interest is convertible into shares of the Company’s common stock at $2.25, subject to normal adjustments. The notes are secured by a first security position in all the assets of the Company.
 
 
547,990
 
 
1,591,740
 
Convertible, Senior Secured Notes Debt Issuance Costs of $139,340, net of accumulated amortization. The estimated aggregate annual amortization expense is approximately $8,000 in 2017.
 
 
(8,048)
 
 
(19,500)
 
Unamortized debt discount related to derivative liability associated with above notes’ conversion price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions). Upon issuance on June 3, 2014 the discount was $1,938,988.
 
 
(21,568)
 
 
(155,760)
 
 
 
 
 
 
 
 
 
 
 
$
518,374
 
$
1,416,480
 
Less: Amount Due Within One Year
 
 
(518,374)
 
 
(1,416,480)
 
 
 
 
 
 
 
 
 
Amount Due After One Year
 
$
 
$
 
Aggregate maturities for all long-term borrowings
The calendar year aggregate maturities for all borrowings exclusive of discounts as of March 31, 2017 are as follows:
 
Total Aggregate Maturity For Period
 
Amounts
 
 
 
 
 
2017 (3 months)
 
 
547,990
 
Total Unamortized Debt Discounts and Deferred Costs
 
 
(29,616)
 
 
 
 
 
 
Total Borrowings as of March 31, 2017
 
$
518,374