Pressure BioSciences, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Convertible Debt and Other Debt (Tables)

Convertible Debt and Other Debt (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Convertible Debts and Outstanding Balances

The specific terms of the convertible notes and outstanding balances as of December 31, 2017 are listed in the tables below.

Convertible Notes

Inception Date	Term	Loan Amount		Outstanding Balance		Original Issue Discount			Interest Rate			Conversion Price(Convertible at Inception Date)		Deferred Finance Fees		Discount related to fair value of conversion feature and warrants/shares
July 22, 2015	30 months¹	$	2,180,000	$	2,180,000	$	218,000	²		10	%³	$	8.40	$	388,532	$	2,163,074
September 25, 2015	30 months¹		1,100,000		1,100,000		110,000	²		10	%³	$	8.40		185,956		1,022,052
October 2, 2015	30 months¹		150,000		150,000		15,000	²		10	%³	$	8.40		26,345		140,832
October 6, 2015	30 months¹		30,000		30,000		3,000	²		10	%³	$	8.40		5,168		26,721
October 14, 2015	30 months¹		50,000		50,000		5,000	²		10	%³	$	8.40		8,954		49,377
November 2, 2015	30 months¹		250,000		250,000		25,000	²		10	%³	$	8.40		43,079		222,723
November 10, 2015	30 months¹		50,000		50,000		5,000	²		10	%³	$	8.40		8,790		46,984
November 12, 2015	30 months¹		215,000		215,000		21,500	²		10	%³	$	8.40		38,518		212,399
November 20, 2015	30 months¹		200,000		200,000		20,000	²		10	%³	$	8.40		37,185		200,000
December 4, 2015	30 months¹		170,000		170,000		17,000	²		10	%³	$	8.40		37,352		170,000
December 11, 2015	30 months¹		360,000		360,000		36,000	²		10	%³	$	8.40		75,449		360,000
December 18, 2015	30 months¹		55,000		55,000		5,500	²		10	%³	$	8.40		11,714		55,000
December 31, 2015	30 months¹		100,000		100,000		10,000	²		10	%³	$	8.40		20,634		100,000
January 11, 2016	30 months¹		100,000		100,000		10,000	²		10	%³	$	8.40		24,966		80,034
January 20, 2016	30 months¹		50,000		50,000		5,000	²		10	%³	$	8.40		9,812		40,188
January 29, 2016	30 months¹		300,000		300,000		30,000	²		10	%³	$	8.40		60,887		239,113
February 26, 2016	30 months¹		200,000		200,000		20,000	²		10	%³	$	8.40		43,952		156,048
March 10, 2016	30 months¹		125,000		125,000		12,500	²		10	%³	$	8.40		18,260		106,740
March 18, 2016	30 months¹		360,000		360,000		36,000	²		10	%³	$	8.40		94,992		265,008
March 24, 2016	30 months¹		106,667		106,667		10,667	²		10	%³	$	8.40		15,427		91,240
March 31, 2016	30 months¹		177,882		177,882		17,788	²		10	%³	$	8.40		2,436		175,446
June 15, 2016	6 months		40,000		-		-			12	%	$	13.50		-		3,680
June 17, 2016	6 months		40,000		-		-			12	%	$	13.50		-		3,899
June 22, 2016	6 months		35,000		-		-			12	%	$	13.50		-		3,373
July 6, 2016	6 months		85,000		-		-			12	%	$	13.50		-		15,048
July 29, 2016	6 months		100,000		-		-			12	%	$	13.50		-		25,518
September 15, 2016	8 months		500,000		-		85,541			9	%	$	13.50		-		65,972
October 11, 2017	12 months		85,000		-		-			5	%		-		4,250		-
October 20, 2017(4)	12 months		150,000		150,000		-			5	%	$	7.50		7,500		-
October 25, 2017	6 months		103,000		103,000		-			12	%		-		3,000
October 27, 2017	12 months		170,000		170,000		-			5	%		-		4,250		10,000
November 13, 2017	9 months		380,000		380,000		15,200			8	%	$	7.50		15,200		46,274
November 22, 2017	12 months		100,000		100,000		10,000			5	%		-		2,000		-
November 28, 2017	10 months		103,000		103,000		3,000			12	%		-		-		-
November 29, 2017	6 months		150,000		150,000		-			15	%	$	7.50		-		15,200
November 30, 2017	3 months		50,000		50,000					8	%	$	7.50
December 5, 2017	3 months		52,500		52,500		-			10	%	$	7.50		2,500		-
December 6, 2017	4 months		100,000		100,000		-			10	%	$	7.50		-		-
December 11, 2017	6 months		130,000		130,000		1,500			5	%		-		6,500		6,460
December 19, 2017	6 months		110,000		110,000		1,500			5	%		-		5,500		5,775
December 28, 2017	6 months		55,000		55,000		-			15	%	$	7.50		5,000		-
December 29, 2017	12 months		105,000		105,000		-			5	%		-		5,000		-
		$	8,973,049	$	8,088,049	$	749,696							$	1,219,108	$	6,124,178

1) The loan term was extended by 180 days and further extended on January 15, 2018 by 60 days to repay in common stock. The July 22, 2015 Debentures of $2,180,000 is currently past due as of March 19, 2018.

2. The original issue discount is reflected in the first year.

3. The annual interest started accruing in the second year.

4. On October 20, 2017, Company issued to EMA Financial, LLC a 5% one year convertible note in the amount of $150,000, less $7,500 from OID and fees. The note is convertible at $7.50 per share, provided however, if the Company fails to comply with Section 1.9 of the note then the conversion price shall be 65% of the lowest sale price for the Common Stock on the Principal Market during the twenty (20) consecutive Trading Days immediately preceding the Conversion Date or the closing bid price, whichever is lower.

Summary of Changes in Convertible Debt, Net of Unamortized Discounts

The following table provides a summary of the changes in convertible debt and revolving note payable, net of unamortized discounts, during 2017:

	2017
Balance at January 1,	$	5,273,937
Adjustment due to ASU 2017-11		923,468
Issuance of convertible debt, face value		4,093,500
Deferred financing cost		(267,650	)
Debt discount related to one-time interest charge		(225,000	)
Debt discount from incentive shares to increase the Revolving Note aggregate principal limit		(150,000	)
Debt discount from shares and warrants issued with the notes		(750,705	)
Payments		(925,541	)
Accretion of interest and amortization of debt discount to interest expense through December 31,		3,815,767
Balance at December 31,		11,787,776
Less: current portion		11,787,776
Convertible debt, long-term portion	$	-

Schedule of Merchant Agreements

The following table shows our Merchant Agreements as of December 31, 2017.

Inception Date	Purchase Price		Purchased Amount		Outstanding Balance			Daily Payment		Interest Rate			Deferred Finance Fees		Note
January 6, 2016		250,000		322,500	$	-			1,279.76		14	%		2,500		1
February 8, 2016		100,000		129,900		-			927.00		15	%		2,000
August 16, 2016		70,000		90,930		-			650.00		15	%		1,590
August 26, 2016		125,000		166,250		-			1,386.00		6	%		2,535
February 6, 2017		125,000		161,250		-			1,343.75		15	%		1,250
March 2, 2017		75,750		97,718		-			775.74		7	%		750
June 6, 2017		250,000		330,000		-			1,833.00		5	%		6,250
June 21, 2017		150,000		190,500		-			1,361.00		15	%		1,498
July 17, 2017		125,000		160,000		-			1,250.00		7	%		1,250
September 29, 2017		75,000		102,000		(1,200	)		1,200.00		15	%		1,500
October 25, 2017		110,000		153,890		71,233			1,539.00		15	%		8,800
December 7, 2017		160,000		212,800		157,088			1,251.76		25	%		5,799
December 12, 2017		160,000		212,800		159,186			1,251.76		15	%		5,258
	$	1,775,750	$	2,330,538	$	386,307							$	40,980

1) The Company recognized a gain in fiscal year 2016 on the settlement of the previous loan of $5,044 which was credited to interest expense.