Notes Payable (Tables)

12 Months Ended

Dec. 31, 2015

Notes Payable.

Schedule of issuance of 8.00% notes reflected in balance sheet

	December 31, 2015
Face value of outstanding notes	$	43,750,000
Conversion option reported in equity		(15,002,020)
Interest make-whole derivative		(2,889,043)
Unamortized debt issuance costs		(1,212,603)
Cumulative amortization of debt discount		3,632,541
Carrying value	$	28,278,875

Schedule of interest expense incurred

	Year Ended December 31,
	2014		2015
8% Convertible Senior Notes due 2019 - coupon	$	1,963,556	$	3,488,445
8% Convertible Senior Notes due 2019 - amortization of debt discount		1,199,580		2,544,488
Amortization of deferred financing costs		196,253		351,352
	$	3,359,389	$	6,384,285