| Schedule of Notes Payable Outstanding |
The Company’s notes
payable outstanding were as follows as of:
| |
|
September 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 nine-month period ended September 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 September 30, 2014 |
|
$ |
- |
|
|