Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Components of Long-Term Debt
Long-term debt consisted of the following:
December 31,
December 31,
Note payable for research and development equipment. The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2013 over 48 months. The note carries a 0% interest rate.
The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal.
Note payable for which the principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bears interest at 12% per year and is secured by a subordinated position in all the assets of the Company.
Convertible, Senior Secured Notes payable. The principal is due June 3, 2017 and no principal payments are required prior to maturity. The notes carry a 5% interest, payable upon the note’s maturity. Both the interest plus accrued interest is convertible into shares of the Company’s common shares at $2.25, subject to normal adjustments. The notes are secured by a first security position in all the assets of the Company. Most of the notes are held by existing stockholders of the Company.
Convertible, Senior Secured Notes issued on June 3, 2014 Debt Issuance Costs of $139,340, net of accumulated amortization. The estimated aggregate annual amortization expense for each of the next fiscal years until maturity is approximately $46,000 and approximately $20,000 in the following fiscal year.
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 which is being amortized as interest expense over the life of the loan or sooner if the related debt is converted.
Less: Amount Due Within One Year
Amount Due After One Year
Aggregate maturities for all long-term borrowings
The calendar year aggregate maturities for all long-term borrowings exclusive of discounts as of December 31, 2015 are as follows:
Total Aggregate Maturity For Period
Total Required Principal Payments Exclusive of Debt Discounts
Total Unamortized Debt Discounts and Deferred Costs
Total Net Long-Term Borrowings as of December 31, 2015