|
Bridge Financing, Notes Payable, Accrued Interest and Cash Payment Obligation (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| Forfeiture rate |
|
| Schedule of outstanding new Bridge Notes |
| |
|
June 30,
2013
|
|
|
December 31,
2012
|
|
| Bridge notes payable |
|
$ |
- |
|
|
$ |
4,342,418 |
|
| Less unamortized discounts: |
|
|
|
|
|
|
|
|
| VMCO |
|
|
- |
|
|
|
(481,390 |
) |
| ASID |
|
|
- |
|
|
|
(1,003,359 |
) |
| Bridge notes payable, net of discounts |
|
$ |
- |
|
|
$ |
2,857,669 |
|
|
| Company's discounts to its Bridge Notes |
The following table presents details of the Company’s
discounts to its Bridge Notes from December 31, 2011 to June 30, 2013:
| |
|
VMCO |
|
|
ASID |
|
|
Total |
|
| 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 |
) |
| Additions |
|
|
(1,936,191 |
) |
|
|
(2,678,523 |
) |
|
|
(4,614,714 |
) |
| Amortization |
|
|
2,417,581 |
|
|
|
3,681,882 |
|
|
|
6,099,463 |
|
| June 30, 2013 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
| Summary of Notes Payable and Accrued Interest |
The following table summarizes the Company’s
notes payable and accrued interest as of June 30, 2013 and December 31, 2012:
| |
|
Notes Payable |
|
|
Accrued Interest |
|
| |
|
June 30, 2013 |
|
|
December 31, 2012 |
|
|
June 30, 2013 |
|
|
December 31, 2012 |
|
| Bridge notes, net, as discussed above |
|
$ |
- |
|
|
$ |
2,857,669 |
|
|
$ |
95,404 |
|
|
$ |
261,213 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible notes payable, net of discounts |
|
|
- |
|
|
|
2,857,669 |
|
|
|
95,404 |
|
|
|
261,213 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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. Currently past due. |
|
|
20,000 |
|
|
|
20,000 |
|
|
|
15,310 |
|
|
|
13,775 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Note payable due to a trust, interest accrues at the rate of 10% per annum, all amounts due and payable December 31, 2006. The Company is negotiating the terms of this note. |
|
|
- |
|
|
|
51,984 |
|
|
|
- |
|
|
|
24,297 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digimark, LLC subordinated promissory note, net, as discussed above. |
|
|
- |
|
|
|
100,000 |
|
|
|
- |
|
|
|
22,083 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes payable |
|
|
20,000 |
|
|
|
171,984 |
|
|
|
15,310 |
|
|
|
60,155 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Totals |
|
$ |
20,000 |
|
|
$ |
3,029,653 |
|
|
$ |
110,714 |
|
|
$ |
321,368 |
|
|
| Interest Expense |
The following table summarizes interest expense for the three
months ended June 30, 2013 and 2012, and the six months ended June 30, 2013 and 2012:
| |
|
Three months ended June30, |
|
|
Six months ended June 30, |
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| Amortization of note discounts |
|
$ |
4,799,638 |
|
|
$ |
743,400 |
|
|
$ |
6,134,367 |
|
|
$ |
1,020,749 |
|
| Amortization of deferred financing costs |
|
|
- |
|
|
|
65,703 |
|
|
|
- |
|
|
|
100,857 |
|
| Other interest expense |
|
|
99,555 |
|
|
|
71,218 |
|
|
|
212,186 |
|
|
|
116,893 |
|
| |
|
$ |
4,899,193 |
|
|
$ |
880,321 |
|
|
$ |
6,346,553 |
|
|
$ |
1,238,499 |
|
|