General form of registration statement for all companies including face-amount certificate companies

Convertible 2015 Notes Payable (Tables)

v3.6.0.2
Convertible 2015 Notes Payable (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Short-term Debt [Line Items]    
Schedule of secured notes payable  

 

    Notes     Debt
Discount
    Offering Costs     Net
Total
 
Original Value   $ 5,000,000     $ (2,750,000 )     (303,000 )   $ 1,947,000  
                                 
Amortization of debt discount and deferred financing costs           2,043,000       204,000       2,247,000  
Acceleration of debt discount—extinguishment           707,000             707,000  
Additional debt discount—modification           (791,000 )           (791,000 )
Ending balance—December 31, 2015     5,000,000       (791,000 )     (99,000 )     4,110,000  
                                 
Less: Current Portion     (5,000,000 )     791,000       99,000       (4,110,000 )
Long Term Portion   $     $           $
Schedule of derivative liabilities  

 

   

Warrants

Liability

   

Embedded Note

Conversion

Feature

    Total  
Value as of December 31, 2014   $ 402,000     $     $ 402,000  
Adjustment to fair value—warrants     205,000             205,000  
Exchange of warrants for common stock—April 2, 2015   $ (607,000 )   $     $ (607,000 )
Issuance of Notes in April/May 2015           611,000       611,000  
Additional conversion feature added December 2015           609,000       609,000  
Additional Warrants issued for debt amendment     182,000             182,000  
Warrants issued pursuant to PIPE transaction     1,115,000             1,115,000  
Adjustment to fair value—conversion features           (7,000 )     (7,000 )
Ending balance—December 31, 2015   $ 1,297,000     $ 1,213,000     $ 2,510,000
Convertible 2015 Notes Payable [Member]    
Short-term Debt [Line Items]    
Schedule of secured notes payable
    Notes     Debt
Discount
    Offering Costs     Net
Total
 
Ending balance—December 31, 2015   $ 5,000,000     $ (791,000 )   $ (99,000 )   $ 4,110,000  
                                 
Amortization of debt discount and deferred financing costs           2,186,000       74,000       2,260,000  
Additional debt discount—March warrants           (1,497,000 )           (1,497,000 )
Additional debt discount—February warrants           (148,000 )           (148,000 )
Additional debt discount—warrant modification           (206,000 )           (206,000 )
Ending balance—September 30, 2016     5,000,000       (456,000 )     (25,000 )     4,519,000  
                                 
Less: Current Portion   $ (5,000,000 )   $ 456,000     $ 25,000     $ (4,519,000 )
Long Term Portion   $     $     $     $  
 
Summary of fair value assumptions
    2016  
Annual dividend yield      
Expected life (years)     0.1–5 years  
Risk-free interest rate     0.5–0.9 %
Expected volatility     98–107 %
 
Schedule of derivative liabilities

   

Warrants

Liability

   

Embedded Note

Conversion

Feature

    Total  
Value as of December 31, 2015   $ 1,297,000     $ 1,213,000     $ 2,510,000  
Adjustment to fair value     (1,223,000 )     (1,901,000 )     (3,124,000 )
Additional Warrants issued for debt amendment     1,645,000             1,645,000  
Modification of Conversion Feature—debt amendment           1,429,000       1,429,000  
Warrant amendment—August 24, 2016     (1,719,000 )           (1,719,000 )
Issuance of Convertible Unsecured Notes—September 1, 2016           282,000       282,000  
Ending balance—September 30, 2016   $     $ 1,023,000     $ 1,023,000