Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.8.0.1
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Components of Long-Term Debt
Long-term debt consisted of the following:
 
 
 
December 31,
2017
 
December 31,
2016
 
 
 
 
 
 
 
 
 
Convertible, Senior Secured Notes payable. The principal was due June 3, 2017 and no payments were required prior to maturity. The notes carried a 5% annual interest rate, payable upon the notes’ maturity. Both the principal plus accrued interest were convertible into shares of the Company’s common stock at $2.25, subject to normal adjustments. The notes were secured by a first security position in all the assets of the Company.
 
$
 
$
1,591,740
 
Convertible, Senior Secured Notes Debt Issuance Costs of $139,340, net of accumulated amortization.
 
 
 
 
(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.
 
 
 
 
(155,760)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,416,480)
 
Less: Amount Due Within One Year
 
 
 
 
(1,416,480)
 
 
 
 
 
 
 
 
 
Amount Due After One Year
 
$
 
$