Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.8.0.1
Notes Payable (Tables)
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Notes Payable – Third Parties

 

    September 30, 2017     December 31, 2016  
Loan payable under prepaid forward purchase contract   $ 5,000,000     $ 5,000,000  
                 
Loan payable to TCA Global Master Fund, LP ("TCA") in the original principal amount of $3 million at 16% interest (the "TCA Debenture").  Principal and interest payments due in various installments through December 31, 2017.     1,957,476       3,000,000  
                 
Notes payable to CommerceNet and Jay Tenenbaum in the original principal amount of $500,000, bearing interest at 6% per annum (the "Tegal Notes"). Prinicpal and interest payments are due annually from July 12, 2015 through July 12, 2017     341,612       341,612  
                 
Other convertible notes payable     -       440,000  
                 
Unamortized discount on other convertible notes     -       (179,889 )
Derivative liability associated with the TCA Debenture, at fair value     -       409,524  
      7,299,088       9,011,247  
Less current portion     (7,299,088 )     (9,011,247 )
Notes payable - third parties, net of current portion   $ -     $ -  

Schedule of Notes Payable - Related Parties

Notes Payable – Related Parties

 

    September 30, 2017     December 31, 2016  
Loan payable to Alcimede LLC, bearing interest at 6% per annum, with all principal and interest due on February 2, 2018   $ 168,500     $ 218,500  
                 
Other advances from related parties     55,000       110,000  
      223,500       328,500  
Less current portion     (223,500 )     (328,500 )
Total notes payable - related parties, net of current portion   $ -     $ -