Notes Payable (Tables)

9 Months Ended

Sep. 30, 2016

Notes Payable.

Schedule of issuance of 8.00% notes reflected in balance sheet

	September 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		(952,760)
Cumulative amortization of debt discount		5,902,952
Carrying value	$	30,809,129

Schedule of interest expense incurred

	Three months ended  September 30,				Nine Months Ended September 30,
	2015		2016		2015		2016
8% Convertible 8% Notes due 2019 - coupon	$	875,000	$	875,000	$	2,613,445	$	2,625,000
8% Convertible 8% Notes due 2019 - amortization of debt discount		644,788		797,312		1,864,549		2,270,411
Amortization of deferred financing costs		86,614		86,614		264,737		259,843
	$	1,606,402	$	1,758,926	$	4,742,731	$	5,155,254