|
Bridge Financing, Notes Payable, Accrued Interest and Cash Payment Obligation (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Bridge Financing Notes Payable Accrued Interest And Cash Payment Obligation Tables |
|
| Bridge Financing, Notes Payable, Accrued Interest and Cash Payment Obligation |
The following table summarizes information
relative to the outstanding new Bridge Notes at December 31, 2012 and 2011:
| |
|
December 31, 2012 |
|
|
December 31, 2011 |
|
| Bridge notes payable |
|
$ |
4,342,418 |
|
|
$ |
1,062,500 |
|
| Less unamortized discounts: |
|
|
|
|
|
|
|
|
| Variable maturity discount |
|
|
(481,390) |
|
|
|
(12,031) |
|
| Warrant discount |
|
|
(1,003,359) |
|
|
|
(47,739) |
|
| Bridge notes payable, net of discounts |
|
$ |
2,857,669 |
|
|
$ |
1,002,730 |
|
|
| Company's discounts to its Bridge Notes |
The following table presents details of the
Company’s discounts to its Bridge Notes from December 31, 2010 to December 31, 2012:
| |
|
VMCO |
|
|
ASID |
|
|
Total |
|
| December 31, 2010 |
|
$ |
(1,569) |
|
|
$ |
(267,259) |
|
|
$ |
(268,828) |
|
| Additions |
|
|
(30,276) |
|
|
|
(118,920) |
|
|
|
(149,196) |
|
| Amortization |
|
|
19,814 |
|
|
|
338,440 |
|
|
|
358,254 |
|
| December 31, 2011 |
|
|
(12,031) |
|
|
|
(47,739) |
|
|
|
(59,770) |
|
| Additions |
|
|
(1,409,797) |
|
|
|
(3,942,607) |
|
|
|
(5,352,404) |
|
| Amortization |
|
|
940,438 |
|
|
|
2,986,987 |
|
|
|
3,927,425 |
|
| December 31, 2012 |
|
$ |
(481,390) |
|
|
$ |
(1,003,359) |
|
|
$ |
(1,484,749) |
|
|
| Summary of Notes Payable and Accrued Interest |
The following table summarizes the Company’s
notes payable and accrued interest as of December 31, 2012 and 2011:
| |
|
Notes Payable |
|
|
Accrued Interest |
|
| |
|
12/31/2012 |
|
|
12/31/2011 |
|
|
12/31/2012 |
|
|
12/31/2011 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bridge notes, net, as discussed above |
|
$ |
2,857,669 |
|
|
$ |
1,002,730 |
|
|
$ |
261,213 |
|
|
$ |
95,823 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible notes payable, net of discounts |
|
|
2,857,669 |
|
|
|
1,002,730 |
|
|
|
261,213 |
|
|
|
95,823 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mobivity note, as discussed above |
|
|
- |
|
|
|
310,135 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unsecured (as amended) note payable due to our Company’s former Chief Executive
Officer, interest accrues at the rate of 9% compounded annually, all amounts due and payable December 31, 2008, See Note 12.
Currently past due. |
|
|
20,000 |
|
|
|
20,000 |
|
|
|
13,775 |
|
|
|
10,871 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note payable due to a trust, interest accrues at the rate of 10% per annum, all amounts due
and payable December 31, 2006. Currently past due. |
|
|
51,984 |
|
|
|
51,984 |
|
|
|
24,297 |
|
|
|
19,084 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digimark, LLC secured subordinated promissory note, as discussed above |
|
|
- |
|
|
|
175,000 |
|
|
|
- |
|
|
|
4,648 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digimark, LLC subordinated promissory note, net, as discussed above. Currently
past due. |
|
|
100,000 |
|
|
|
179,151 |
|
|
|
22,083 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes payable, net of discounts |
|
|
171,984 |
|
|
|
736,270 |
|
|
|
60,155 |
|
|
|
34,603 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Totals |
|
$ |
3,029,653 |
|
|
$ |
1,739,000 |
|
|
$ |
321,368 |
|
|
$ |
130,426 |
|
|
| Interest Expense |
The following table summarizes interest expense for the years ended
December 31, 2012 and 2011:
| |
|
Years ended December 31, |
|
| |
|
2012 |
|
|
2011 |
|
| Amortization of note discounts |
|
$ |
3,935,108 |
|
|
$ |
370,810 |
|
| Amortization of deferred financing costs |
|
|
263,255 |
|
|
|
39,958 |
|
| Other interest expense |
|
|
361,201 |
|
|
|
133,447 |
|
| |
|
$ |
4,559,564 |
|
|
$ |
544,215 |
|
|