Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

Long-Term Debt
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Long-Term Debt
Note 6 — Long-Term Debt
Long-term debt consisted of the following:
September 30,
December 31,
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.
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 was 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
All of the $1,591,740 in Convertible Senior Secured Notes outstanding as of December 31, 2016, were converted into 707,440 shares of common stock during the nine months ended September 30, 2017 and $269,543 of accrued interest on these Notes were converted into 119,797 shares of common stock during the nine months ended September 30, 2017.