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SECURED CONVERTIBLE NOTE AGREEMENTS (Tables)
12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Schedule of Notes Payable and Related Discounts

A summary of notes payable and related discounts as of December 31, 2016 is as follows:


 

 

Principal

 

 

Unamortized

Discount

 

 

Debt,

Net of Discount

 

 

 

 

 

 

 

 

 

 

 

Related parties

 

 

 

 

 

 

 

 

 

Secured Convertible notes payable

 

$

2,997,483

 

 

$

(41,076

)

 

$

2,956,407

 

Secured Convertible Line of Credit

 

 

5,695,000

 

 

 

(735,326

)

 

 

4,959,674

 

Less current portion

 

 

 

 

 

 

 

 

 

Secured convertible notes payable and line of credit, net of current portion

 

$

8,692,483

 

 

$

(776,402

)

 

$

7,916,081

 


A summary of notes payable and related discounts as of December 31, 2015 is as follows:


 

 

Principal

 

 

Unamortized

Discount

 

 

Debt,

Net of Discount

 

 

 

 

 

 

 

 

 

 

 

Related parties

 

 

 

 

 

 

 

 

 

Secured Convertible notes payable

 

$

2,997,483

 

 

$

(51,365

)

 

$

2,946,118

 

Secured Convertible Line of Credit

 

 

3,265,000

 

 

 

(518,664

)

 

 

2,746,336

 

Less current portion

 

 

 

 

 

 

 

 

 

Secured convertible notes payable and line of credit, net of current portion

 

$

6,262,483

 

 

$

(570,029

)

 

$

5,692,454