| Convertible Notes Payable |
8.
cONVERTIBLE NOTEs PAYABLE
Convertible notes
payable are summarized as follows.
| |
|
June 30, 2016 |
|
|
December 31, 2015 |
|
| |
|
|
|
|
|
|
| 6% Convertible notes payable issued in August 2013 |
|
$ |
3,000,000 |
|
|
$ |
3,000,000 |
|
| Discounts on above convertible note |
|
|
(83,343 |
) |
|
|
(583,341 |
) |
| Discounts on above convertible note |
|
|
- |
|
|
|
- |
|
| 8% Convertible notes payable issued in Nov/Dec 2014 |
|
|
100,000 |
|
|
|
100,000 |
|
| Discounts on above convertible note |
|
|
- |
|
|
|
- |
|
| 8% Convertible notes payable issued in January 2015 |
|
|
150,000 |
|
|
|
150,000 |
|
| Discounts on above convertible note |
|
|
(70,079 |
) |
|
|
(93,231 |
) |
| 8% Convertible notes payable issued in January 2015 |
|
|
475,000 |
|
|
|
475,000 |
|
| Discounts on above convertible note |
|
|
(120,922 |
) |
|
|
(238,152 |
) |
| Total Convertible notes payable |
|
|
3,450,656 |
|
|
|
2,810,276 |
|
| Current portion of convertible notes payable |
|
|
(3,450,656 |
) |
|
|
(2,810,276 |
) |
| Convertible notes payable, less current portion |
|
$ |
- |
|
|
$ |
- |
|
The convertible
notes were classified as current liabilities on the accompanying Condensed Consolidated Balance Sheets as of June 30, 2016 and
December 31, 2015 due to certain technical defaults pursuant to the convertible note agreements.
For the six months
ended June 30, 2016 and 2015 amortization of debt discount was $640,379 and $1,506,481, respectively.
|