8. Notes Payable (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of notes payable |
| |
|
December 31, 2015 |
|
| |
|
Face Value
of Note |
|
|
Unamortized
Discount |
|
|
Fair Value of Derivatives |
|
|
Net Value
of Note |
|
| Loan payable
to former shareholder of Epinex Diagnostics Laboratories, Inc. in the amount of $400,000, at 0% interest, with principal payments
of $100,000 due in periodic installments from November 26, 2014 through February 26, 2016. Amount recorded is net of imputed
discount of $1,775 at December 31, 2015. |
|
$ |
100,000 |
|
|
$ |
(1,775 |
) |
|
$ |
– |
|
|
$ |
98,225 |
|
| Loan payable to TCA Global
Master Fund, LP in the amount of $3,000,000, at 16% interest, with interest only payments monthly through September 11, 2016.
Principal and interest payments are due monthly from October 11, 2016 through September 11, 2017. |
|
|
3,000,000 |
|
|
|
(453,025 |
) |
|
|
186,117 |
|
|
|
2,733,092 |
|
| Loan payable to CommerceNet
in the amount of $250,000 at 1.06% interest, increasing to 6% after two years. Principal and interest payments are made annually
from July 12, 2015 through July 12, 2017. |
|
|
170,806 |
|
|
|
– |
|
|
|
– |
|
|
|
170,806 |
|
| Loan payable to Jay Tenebaum
in the amount of $250,000 at 1.06% interest, increasing to 6% after two years. Principal and interest payments are made annually
from July 12, 2015 through July 12, 2017. |
|
|
170,806 |
|
|
|
– |
|
|
|
– |
|
|
|
170,806 |
|
| |
|
$ |
3,441,612 |
|
|
$ |
(454,800 |
) |
|
$ |
186,117 |
|
|
|
3,172,929 |
|
| Less current portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(269,031 |
) |
| Notes
payable, net of current portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,903,898 |
|
| |
|
December
31, 2014 |
|
| |
|
Face
Value
of Note |
|
|
Unamortized
Discount |
|
|
Fair
Value of
Derivatives |
|
|
Net
Value
of Note |
|
| Acquisition
convertible note No. 1 to former member of International Technologies, LLC in the amount of $250,000 at 5% interest and was
due January 17, 2014. The note was convertible into the Company's common stock at a ten percent (10%) discount to the average
market price for the thirty days prior to conversion. See “Acquisition Convertible Notes” below. |
|
$ |
250,000 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
250,000 |
|
| Loan
payable to former shareholder of Epinex Diagnostics Laboratories, Inc. in the amount of $400,000, at 0% interest, with principal
payments of $100,000 due in periodic installments from November 26, 2014 through February 26, 2016. Amount recorded is net
of imputed discount of $13,316 at December 31, 2014. |
|
|
300,000 |
|
|
|
(13,316 |
) |
|
|
– |
|
|
|
286,684 |
|
| |
|
$ |
550,000 |
|
|
$ |
(13,316 |
) |
|
$ |
– |
|
|
|
536,684 |
|
| Less current portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(443,292 |
) |
| Notes payable, net of
current portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
93,392 |
|
|
| Schedule of notes payable - related parties |
| |
|
December 31, 2015 |
|
| |
|
Face Value of Note |
|
|
Unamortized Discount |
|
|
Fair Value of Derivatives |
|
|
Net Value of Note |
|
| Convertible
debenture dated December 31, 2014 in the amount of $3,000,000 which bears interest at 10% and is due December 31, 2016. The
note provides the lender the option to convert the note into the Company's common stock at a 25% discount to the average trading
price (as defined in the note agreement) for the ten consecutive trading days prior to the conversion date. |
|
$ |
3,000,000 |
|
|
$ |
(2,236,112 |
) |
|
$ |
2,270,000 |
|
|
$ |
3,033,888 |
|
| Loan
payable to Alcimede, LLC in the amount of $3,000,000, at 6% interest, with one payment of $3,000,000, plus interest, due on
February 2, 2017. (On June 29, 2015, Alcimede exercised options to purchase 1,000,000 shares for $2,500,000, which reduced
the loan.) |
|
$ |
500,000 |
|
|
|
– |
|
|
|
– |
|
|
$ |
500,000 |
|
| Loan
payable to Christopher Diamantis in the amount of $1,600,000. One payment of $1,600,000 due January 7, 2016 plus $100,000
of interest. |
|
$ |
1,600,000 |
|
|
|
– |
|
|
|
– |
|
|
$ |
1,600,000 |
|
| |
|
$ |
5,100,000 |
|
|
$ |
(2,236,112 |
) |
|
$ |
2,270,000 |
|
|
$ |
5,133,888 |
|
| |
|
December 31, 2014 |
|
| |
|
Face Value of Note |
|
|
Unamortized Discount |
|
|
Fair Value of Derivatives |
|
|
Net Value of Note |
|
|
Convertible
debenture dated December 31, 2014 in the amount of $3,000,000 which bears interest at
10% and is due December 31, 2015. The note provides the lender the option to convert
the note into the Company's common stock at a 25% discount to the average trading price
(as defined in the note agreement) for the ten consecutive trading days prior to the
conversion date.
|
|
$ |
3,000,000 |
|
|
$ |
(1,380,000 |
) |
|
$ |
1,380,000 |
|
|
$ |
3,000,000 |
|
|
| Future minimum principal repayment schedule |
| Twelve months ending December 31, |
|
|
|
|
| 2016 |
|
$ |
269,031 |
|
| 2017 |
|
|
2,903,898 |
|
| 2018 |
|
|
– |
|
| 2019 |
|
|
– |
|
| 2020 and thereafter |
|
|
– |
|
| |
|
$ |
3,172,929 |
|
|