8. NOTES PAYABLE (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
Convertible Notes Payable [Member] | SPA [Member] |
|
Schedule of debt and conversions |
|
|
|
|
|
September 30, 2016 |
|
|
December 31, 2015 |
|
|
|
|
|
|
Maturity |
|
|
Balance |
|
|
Balance |
|
|
Interest
Rate |
|
Senior Secured Convertible Promissory Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tranche 1 (Note 1) |
|
|
May
19, 2016 |
|
|
$ |
– |
|
|
$ |
510,000 |
|
|
|
10% |
|
Tranche 2 (Note 2) |
|
|
June
12, 2016 |
|
|
|
255,000 |
|
|
|
510,000 |
|
|
|
10% |
|
Tranche 3 (Note 3) |
|
|
July
24, 2016 |
|
|
|
510,000 |
|
|
|
510,000 |
|
|
|
10% |
|
Tranche 4 (Note 4) |
|
|
September
16, 2016 |
|
|
|
255,000 |
|
|
|
255,000 |
|
|
|
10% |
|
Total borrowings |
|
|
|
|
|
|
1,020,000 |
|
|
|
1,785,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible notes converted (Note 1) |
|
|
|
|
|
|
– |
|
|
|
(510,000 |
) |
|
|
|
|
Convertible notes converted (Note 2) |
|
|
|
|
|
|
(255,000 |
) |
|
|
(255,000 |
) |
|
|
|
|
Convertible notes converted/repaid (Note 3) |
|
|
|
|
|
|
(510,000 |
) |
|
|
– |
|
|
|
|
|
Convertible notes repaid (Note 4) |
|
|
|
|
|
|
(255,000 |
) |
|
|
– |
|
|
|
|
|
Unamortized debt issuance cost |
|
|
|
|
|
|
– |
|
|
|
(99,805 |
) |
|
|
|
|
Unamortized debt discount - beneficial conversion
feature |
|
|
|
|
|
|
– |
|
|
|
(38,392 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying amount of debt |
|
|
|
|
|
|
– |
|
|
|
881,803 |
|
|
|
|
|
Less current portion |
|
|
|
|
|
|
– |
|
|
|
(881,803 |
) |
|
|
|
|
Long-term borrowings
- net of current portion |
|
|
|
|
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
Convertible Notes Payable [Member] | Iliad Note [Member] |
|
Schedule of debt and conversions |
|
|
|
|
|
September 30, 2016 |
|
|
December 31, 2015 |
|
|
|
|
|
|
Maturity |
|
|
Balance |
|
|
Balance |
|
|
Interest
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured promissory
note payable |
|
|
June
24, 2017 |
|
|
$ |
2,055,000 |
|
|
$ |
– |
|
|
|
10% |
|
Interest accrued |
|
|
|
|
|
|
73,779 |
|
|
|
– |
|
|
|
|
|
Unamortized original issue
discount and debt issuance costs |
|
|
|
|
|
|
(53,797 |
) |
|
|
– |
|
|
|
|
|
Unamortized
debt discount - beneficial conversion feature |
|
|
|
|
|
|
(107,419 |
) |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying amount of debt |
|
|
|
|
|
|
1,967,563 |
|
|
|
– |
|
|
|
|
|
Less current portion |
|
|
|
|
|
|
(1,967,563 |
) |
|
|
– |
|
|
|
|
|
Long-term
borrowings - net of current portion |
|
|
|
|
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
Unsecured Note Payable [Member] |
|
Schedule of debt and conversions |
|
|
|
|
|
September
30, 2016 |
|
|
December 31,
2015 |
|
|
|
|
|
|
Maturity |
|
|
Balance |
|
|
Balance |
|
|
Interest
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured promissory
note payable |
|
|
February
1, 2018 |
|
|
$ |
850,000 |
|
|
$ |
– |
|
|
|
12% |
|
Unamortized original issue
discount and debt issuance costs |
|
|
|
|
|
|
(32,380 |
) |
|
|
– |
|
|
|
|
|
Unamortized
debt discount - fair value of warrants |
|
|
|
|
|
|
(177,867 |
) |
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net carrying amount of debt |
|
|
|
|
|
|
639,753 |
|
|
|
– |
|
|
|
|
|
Less
current portion |
|
|
|
|
|
|
– |
|
|
|
– |
|
|
|
|
|
Long-term
borrowings - net of current portion |
|
|
|
|
|
$ |
639,753 |
|
|
$ |
– |
|
|
|
|
|
|