Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

Long-Term Debt (Tables)
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Components of Long-Term Debt
Long-term debt consisted of the following:
June 30,
December 31,
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% annual 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.
Convertible, Senior Secured Notes Debt Issuance Costs of $139,340, net of accumulated amortization.
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.
Less: Amount Due Within One Year
Amount Due After One Year