Quarterly report pursuant to Section 13 or 15(d)

Long Term Notes Payable, Net (Tables)

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Long Term Notes Payable, Net (Tables)
6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Schedule of Notes Payable Outstanding

The Company’s notes payable outstanding were as follows as of:

 

    June 30, 2014     December 31, 2013  
2008 Unsecured promissory note. Originated on November 12, 2008. Principal of $100,000 with $45,000 to be repaid by June 30, 2009, with $10,000 in monthly payments thereafter until repaid in full. Required a one-time interest payment of $15,000. This note was paid in full on February 7, 2014.   $ -     $ 55,000  
                 
2009 Non-mandatorily convertible, unsecured note. Originated on March 31, 2009, principal of $500,000 accrues interest at 8% per annum. Principal and interest were due in full on March 31, 2014 or convertible at the option of the note holder into Series B preferred stock at a rate of $0.45 per share. A warrant to purchase 222,222 shares of preferred Series B stock was issued in conjunction with this note. This note was paid in full on February 7, 2014.     -       500,000  
                 
2013 Bridge Loan. Principal from existing notes in the amount of $3,180,806 (comprised of $2,621,195 in principal outstanding as of December 31, 2012 and $559,611 in new principal issued from January through April 2013) along with accrued interest of $467,438 were converted into a 2013 Bridge Loan along with $4,840,792 of new principal. These notes accrued interest at 10% per annum with outstanding principal and interest due in 2014. These notes converted into common shares as part of the February 7, 2014 reverse acquisition transaction.     -       8,489,036  
                 
2014 Bridge Loan. Originated in January 2014. Principal of $2,076,000 issued in January 2014. These notes accrued interest at 10% per annum with outstanding principal and interest due in 2014. These notes converted into common shares as part of the February 7, 2014 reverse acquisition transaction.     -       -  
                 
Total notes payable     -       9,044,036  
                 
Current maturities of long-term, net of discount     -       9,039,444  
                 
Discount attributable to current maturities     -       4,592  
                 
Total current maturities     -       9,044,036  
                 
Long-term notes payable, less current maturities   $ -     $ -  

Summary of Debt Discount

A summary of the debt discount activity for the six-month period ended June 30, 2014 and year ended December 31, 2013 is as follows:

 

Balance January 1, 2013   $ 65,173  
Amortization of debt discount     (60,581 )
Balance December 31, 2013     4,592  
Amortization of debt discount     (4,592 )
Balance at June 30, 2014   $ -