Annual report pursuant to Section 13 and 15(d)

8. Notes Payable (Tables)

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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