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

Secured Notes Payable (Tables)

v3.6.0.2
Secured Notes Payable (Tables)
12 Months Ended
Dec. 31, 2015
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
Warrant Liability [Member] | Secured notes payable [Member]  
Summary of fair value assumptions

 

    2015  
Annual dividend yield      
Expected life (years)     4.04  
Risk-free interest rate     0.99 %
Expected volatility     134 %
Embedded conversion feature liability [Member] | Secured notes payable [Member]  
Summary of fair value assumptions

 

    2015  
Annual dividend yield      
Expected life (years)     0.1-0.6 years  
Risk-free interest rate     0.22-0.48 %
Expected volatility     107–148 %