Quarterly report pursuant to Section 13 or 15(d)

Bridge Financing, Notes Payable, and Accrued Interest (Tables)

v2.4.0.8
Bridge Financing, Notes Payable, and Accrued Interest (Tables)
3 Months Ended
Mar. 31, 2014
Bridge Financing Notes Payable And Accrued Interest Tables  
Company's discounts to its Bridge Notes

 

    VMCO     ASID     Total  
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  
December 31, 2013   $ -     $ -     $ -  
Additions     -     -       -  
Amortization     -       -       -  
March 31, 2014   $ -     $ -     $ -  

 

 

Summary of Notes Payable and Accrued Interest

The following table summarizes our notes payable and accrued interest as of March 31, 2014 and December 31, 2013:

 

    Notes Payable     Accrued Interest  
    March 31, 2014     December 31, 2013     March 31, 2014     December 31, 2013  
Bridge notes, net, as discussed above   $ -     $ -     $ -     $ -  
                                 
    Convertible notes payable, net of discounts     -       -       -       -  
                                 
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       17,769       16,943  
                                 
Note payable due to a trust, interest accrues at the rate of 10% per annum, all amounts due and payable December 31, 2006.     -       -       -       -  
                                 
Digimark, LLC subordinated promissory note, net, as discussed above.     -       -       -       -  
                                 
    Notes payable     20,000       20,000       17,769       16,943  
                                 
Totals   $ 20,000     $ 20,000     $ 17,769     $ 16,943  
Interest Expense

 

The following table summarizes interest expense for the three months ended March 31, 2014 and 2013:

 

    Three months ended March 31,  
    2014     2013  
Amortization of note discounts   $ -     $ 1,334,729  
Amortization of deferred financing costs     -       -  
Other interest expense     826       112,630  
    $ 826     $ 1,447,359