|
Bridge Financing, Notes Payable, Accrued Interest and Cash Payment Obligation (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| Forfeiture rate |
|
| Schedule of outstanding Bridge Notes |
| |
|
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 |
| |
|
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 |
|
| September 30, 2013 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
| Summary of Notes Payable and Accrued Interest |
| |
|
Notes Payable |
|
|
Accrued Interest |
|
| |
|
September 30, 2013 |
|
|
December 31, 2012 |
|
|
September 30, 2013 |
|
|
December 31, 2012 |
|
| Bridge notes, net, as discussed above |
|
$ |
- |
|
|
$ |
2,857,669 |
|
|
$ |
- |
|
|
$ |
261,213 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible notes payable, net of discounts |
|
|
- |
|
|
|
2,857,669 |
|
|
|
- |
|
|
|
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 |
|
|
|
16,117 |
|
|
|
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. |
|
|
- |
|
|
|
51,984 |
|
|
|
- |
|
|
|
24,297 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Digimark, LLC subordinated promissory note, net, as discussed above. |
|
|
- |
|
|
|
100,000 |
|
|
|
- |
|
|
|
22,083 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes payable |
|
|
20,000 |
|
|
|
171,984 |
|
|
|
16,117 |
|
|
|
60,155 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Totals |
|
$ |
20,000 |
|
|
$ |
3,029,653 |
|
|
$ |
16,117 |
|
|
$ |
321,368 |
|
|
| Interest Expense |
| |
|
Three months ended September 30, |
|
|
Nine months ended
September 30,
|
|
| |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
|
| Amortization of note discounts |
|
$ |
- |
|
|
$ |
1,530,412 |
|
|
$ |
6,134,367 |
|
|
$ |
2,551,161 |
|
| Amortization of deferred financing costs |
|
|
- |
|
|
|
139,086 |
|
|
|
- |
|
|
|
239,943 |
|
| Other interest expense |
|
|
807 |
|
|
|
111,627 |
|
|
|
212,993 |
|
|
|
228,521 |
|
| |
|
$ |
807 |
|
|
$ |
1,781,125 |
|
|
$ |
6,347,360 |
|
|
$ |
3,019,625 |
|
|