Quarterly report pursuant to Section 13 or 15(d)

Convertible Debt and Other Debt (Tables)

v3.8.0.1
Convertible Debt and Other Debt (Tables)
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Convertible Debts and Outstanding Balances

The specific terms of the convertible notes and outstanding balances as of March 31, 2018 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 months 1   $ 2,398,000     $ 2,398,000     $ 218,000 2     10 %3   $ 8.40     $ 388,532     $ 2,163,074  
September 25, 2015     30 months 1     1,210,000       1,210,000       110,000 2     10 %3   $ 8.40       185,956       1,022,052  
October 2, 2015     30 months 1     165,000       165,000       15,000 2     10 %3   $ 8.40       26,345       140,832  
October 6, 2015     30 months 1     33,000       33,000       3,000 2     10 %3   $ 8.40       5,168       26,721  
October 14, 2015     30 months 1     55,000       55,000       5,000 2     10 %3   $ 8.40       8,954       49,377  
November 2, 2015     30 months 1     275,000       275,000       25,000 2     10 %3   $ 8.40       43,079       222,723  
November 10, 2015     30 months 1     55,000       55,000       5,000 2     10 %3   $ 8.40       8,790       46,984  
November 12, 2015     30 months 1     236,500       236,500       21,500 2     10 %3   $ 8.40       38,518       212,399  
November 20, 2015     30 months 1     220,000       220,000       20,000 2     10 %3   $ 8.40       37,185       200,000  
December 4, 2015     30 months 1     187,000       187,000       17,000 2     10 %3   $ 8.40       37,352       170,000  
December 11, 2015     30 months 1     396,000       396,000       36,000 2     10 %3   $ 8.40       75,449       360,000  
December 18, 2015     30 months 1     60,500       60,500       5,500 2     10 %3   $ 8.40       11,714       55,000  
December 31, 2015     30 months 1     110,000       110,000       10,000 2     10 %3   $ 8.40       20,634       100,000  
January 11, 2016     30 months 1     110,000       110,000       10,000 2     10 %3   $ 8.40       24,966       80,034  
January 20, 2016     30 months 1     55,000       55,000       5,000 2     10 %3   $ 8.40       9,812       40,188  
January 29, 2016     30 months 1     330,000       330,000       30,000 2     10 %3   $ 8.40       60,887       239,113  
February 26, 2016     30 months 1     220,000       220,000       20,000 2     10 %3   $ 8.40       43,952       156,048  
March 10, 2016     30 months 1     137,500       137,500       12,500 2     10 %3   $ 8.40       18,260       106,740  
March 18, 2016     30 months 1     396,000       396,000       36,000 2     10 %3   $ 8.40       94,992       265,008  
March 24, 2016     30 months 1     117,334       117,334       10,667 2     10 %3   $ 8.40       15,427       91,240  
March 31, 2016     30 months 1     195,670       195,670       17,788 2     10 %3   $ 8.40       2,436       175,446  
October 20, 2017     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       -       -       8 %   $ 7.50       -       -  
December 5, 2017     3 months       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       -  
January 3, 2018     12 months       95,000       95,000       4,750       5 %   -       2,000       -  
January 16, 2018     12 months       131,250       131,250       -               -       6,250       -  
January 19, 2018     6 months       150,000       150,000       -       10 %    $ 7.50        6,000       12,267  
February 9, 2018     6 months       100,000       100,000       -       15 %    $ 7.50       23,500       -  
February 15, 2018     6 months       100,000       100,000       -       15 %    $ 7.50       9,000       10,474  
March 12, 2018     6 months       85,000       85,000       1,150       5 %     -       4,250       -  
March 12, 2018     6 months       253,000       253,000       53,000       0 %     -               28,722  
            $ 9,635,254     $ 9,532,754     $ 723,055                     $ 1,265,858     $ 6,058,151  

 

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 $3,773,000 is currently past due as of March 19, 2018. The affected Debenture holders signed letter agreements on May 15, 2018 to waive default penalties relating to the maturity date.

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

3. The annual interest started accruing in the second year.
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 2018:

 

    2018  
Balance at January 1,   $ 11,787,776  
Issuance of convertible debt, face value     1,414,250  
Deferred financing cost     (134,900 )
Debt discount related to one-time interest charge     (50,000 )
Debt discount from warrants issued with debt     (118,416 )
Debt discount from shares and warrants issued with the notes     (51,463 )
Payments     (102,500 )
Accretion of interest and amortization of debt discount to interest expense through March 31,     425,864  
Balance at March 31,     13,170,611  
Less: current portion     13,170,611  
Convertible debt, long-term portion   $ -

Schedule of Merchant Agreements

The following table shows our Merchant Agreements as of March 31, 2018.

 

Inception Date   Purchase Price     Purchased Amount     Outstanding Balance     Daily Payment     Interest Rate     Deferred Finance Fees  
September 29, 2017     75,000       102,000     $ -       1,200.00       15 %     1,500  
October 25, 2017     110,000       153,890       (7,705 )     1,539.00       15 %     8,800  
December 7, 2017     160,000       212,800       118,918       1,251.76       25 %     5,799  
December 12, 2017     160,000       212,800       122,674       1,251.76       15 %     5,258  
February 27, 2018     110,000       147,400       126,211       921.25       25 %     1,650  
    $ 615,000     $ 828,890     $ 360,098                     $ 23,007