Quarterly report pursuant to Section 13 or 15(d)

Bridge Financing, Notes Payable, Accrued Interest and Cash Payment Obligation (Tables)

v2.4.0.6
Bridge Financing, Notes Payable, Accrued Interest and Cash Payment Obligation (Tables)
9 Months Ended
Sep. 30, 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 all of the outstanding Notes at September 30, 2012 and December 31, 2011:

 

    September 30,     December 31,  
    2012     2011  
Bridge notes payable   $ 4,347,419     $ 1,062,500  
Less unamortized discounts:                
    Variable maturity discount     (51,150 )     (12,031 )
Warrant discount     (198,053 )     (47,739 )
Bridge notes payable, net of discounts   $ 4,098,216     $ 1,002,730  

 

 

Summary of Notes Payable and Accrued Interest

 

The following table summarizes the Company’s notes payable and accrued interest as of September 30, 2012 and December 31, 2011:

 

    Notes Payable     Accrued Interest  
    9/30/2012     12/31/2011     9/30/2012     12/31/2011  
Bridge notes, net, as discussed above   $ 4,098,216     $ 1,002,730     $ 151,995     $ 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     20,000       20,000       13,020       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.  The Company is negotiating the terms of this note.     51,984       51,984       22,987       19,084  
                                 
Digimark, LLC  secured subordinated promissory note, as discussed above     -       175,000       -       4,648  
                                 
Digimark, LLC  subordinated promissory note, net, as discussed above     100,462       179,151       -       -  
    $ 4,270,662     $ 1,739,000     $ 188,002     $ 130,426