| Long-Term Debt and Notes Payable |
| 7. |
LONG-TERM DEBT AND NOTES PAYABLE |
Long-term debt and
notes payable are summarized as follows.
| |
|
March 31, 2016 |
|
|
December 31, 2015 |
|
| |
|
|
|
|
|
|
| Note Payable, due January 2017, net of discount of $128,899 and $171,868, respectively |
|
$ |
4,871,101 |
|
|
$ |
4,828,132 |
|
| |
|
|
|
|
|
|
|
|
| Note Payable, due January 2017 |
|
|
863,802 |
|
|
|
942,918 |
|
| |
|
|
|
|
|
|
|
|
| Note Payable, due October 2018 |
|
|
121,170 |
|
|
|
132,596 |
|
| |
|
|
|
|
|
|
|
|
| Mortgage Note, South Africa, due July 2024 |
|
|
212,001 |
|
|
|
208,131 |
|
| |
|
|
|
|
|
|
|
|
| Bank overdraft facilities, South Africa, annual renewal |
|
|
162,173 |
|
|
|
180,377 |
|
| |
|
|
|
|
|
|
|
|
| Equipment financing arrangements, South Africa |
|
|
176,937 |
|
|
|
189,489 |
|
| |
|
|
|
|
|
|
|
|
| Total long-term debt |
|
$ |
6,407,184 |
|
|
$ |
6,481,643 |
|
| Current portion of long-term debt |
|
|
6,088,264 |
|
|
|
5,383,002 |
|
| Long-term debt, less current portion |
|
$ |
318,920 |
|
|
$ |
1,098,641 |
|
For the three months
ended March 31, 2016 and 2015 amortization of debt discount was $363,159 and $474,874, respectively.
|