Notes Payable (Tables)

6 Months Ended

Jun. 30, 2016

Notes Payable.

Schedule of issuance of 8.00% notes reflected in balance sheet

	June 30, 2016
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		(1,039,374)
Cumulative amortization of debt discount		5,105,640
Carrying value	$	29,925,203

Schedule of interest expense incurred

	Three months ended  June 30,				Six Months Ended June 30,
	2015		2016		2015		2016
8% Convertible Senior Notes due 2019 - coupon	$	875,000	$	875,000	$	1,738,445	$	1,750,000
8% Convertible Senior Notes due 2019 - amortization of debt discount		611,455		756,093		1,219,761		1,473,099
Amortization of deferred financing costs		86,615		86,614		178,123		173,229
	$	1,573,070	$	1,717,707	$	3,136,329	$	3,396,328