4. Notes Payable (Tables)
|
3 Months Ended |
Mar. 31, 2016 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of notes payable |
| |
|
March
31, 2016 |
|
| |
|
Face Value |
|
|
Unamortized |
|
|
Fair Value of |
|
|
Net Value |
|
| |
|
of Note |
|
|
Discount |
|
|
Derivatives |
|
|
of Note |
|
| Loan payable under prepaid forward purchase contract
in the amount of $5,000,000, at 20% interest, with no payments of interest or principal through March 30, 2017. All outstanding
amounts are due March 30, 2017. |
|
$ |
5,000,000 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
5,000,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
|
|
(305,188 |
) |
|
|
130,849 |
|
|
|
2,825,661 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
8,341,612 |
|
|
$ |
(305,188 |
) |
|
$ |
130,849 |
|
|
|
8,167,273 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less current portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,269,031 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes payable, net of
current portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,898,242 |
|
| |
|
December
31, 2015 |
|
| |
|
Face Value |
|
|
Unamortized |
|
|
Fair Value of |
|
|
Net Value |
|
| |
|
of Note |
|
|
Discount |
|
|
Derivatives |
|
|
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 |
|
|
| Schedule of notes payable - related parties |
| |
|
March
31, 2016 |
|
| |
|
Face Value |
|
|
Unamortized |
|
|
Fair Value of |
|
|
Net Value |
|
| |
|
of Note |
|
|
Discount |
|
|
Derivatives |
|
|
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, D&D Funding
II, LLC, 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 |
|
|
$ |
(1,588,495 |
) |
|
$ |
2,263,237 |
|
|
$ |
3,674,742 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current portion of notes payable, related
party |
|
$ |
3,500,000 |
|
|
$ |
(1,588,495 |
) |
|
$ |
2,263,237 |
|
|
$ |
4,174,742 |
|
| |
|
December
31, 2015 |
|
| |
|
Face Value |
|
|
Unamortized |
|
|
Fair Value of |
|
|
Net Value |
|
| |
|
of Note |
|
|
Discount |
|
|
Derivatives |
|
|
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, D&D Funding
II, LLC, 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, 2016. (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 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current portion of notes payable, related
party |
|
$ |
5,100,000 |
|
|
$ |
(2,236,112 |
) |
|
$ |
2,270,000 |
|
|
$ |
5,133,888 |
|
|