Convertible Promissory Notes and Other Notes Payable (Tables)

12 Months Ended

Mar. 31, 2015

Convertible Promissory Notes And Other Notes Payable Tables

Convertible Promissory Notes and Other Notes Payable

The following table summarizes the components of the Company’s convertible promissory notes and other notes payable:

	March 31, 2015									March 31, 2014
	Principal			Accrued						Principal			Accrued
	Balance			Interest			Total			Balance			Interest			Total
Senior Secured 10% Convertible Promissory Notes issued to Platinum:
Exchange Note issued on October 11, 2012	$	1,272,600		$	360,200		$	1,632,800		$	1,272,600		$	203,400		$	1,476,000
Investment Note issued on October 11, 2012		500,000			141,500			641,500			500,000			79,900			579,900
Investment Note issued on October 19, 2012		500,000			140,100			640,100			500,000			78,600			578,600
Investment Note issued on February 22, 2013		250,000			59,100			309,100			250,000			29,400			279,400
Investment Note issued on March 12, 2013		750,000			172,600			922,600			750,000			84,100			834,100
		3,272,600			873,500			4,146,100			3,272,600			475,400			3,748,000
Convertible promissory note issued on July 26, 2013		250,000			46,200			296,200			250,000			17,700			267,700
Total Senior notes		3,522,600			919,700			4,442,300			3,522,600			493,100			4,015,700
Aggregate note discount		-			-			-			(2,085,900	)		-			(2,085,900	)
Net Senior notes		3,522,600			919,700			4,442,300			1,436,700			493,100			1,929,800
less: current portion		(3,272,600	)		(873,500	)		(4,146,100	)		-			-			-
Senior notes - non-current portion and discount	$	250,000		$	46,200		$	296,200		$	1,436,700		$	493,100		$	1,929,800
10% Convertible Promissory Notes (Unit Notes)
2013 Unit Notes, due 7/31/14	$	-		$	-		$	-		$	1,007,500		$	35,700		$	1,043,200
2014 Unit Notes, including amended notes, due 3/31/15		4,066,900			270,700			4,337,600			50,000			200			50,200
		4,066,900			270,700			4,337,600			1,057,500			35,900			1,093,400
Note discounts		(180,000	)		-			(180,000	)		(697,400	)		-			(697,400	)
Net convertible notes (all current)	$	3,886,900		$	270,700		$	4,157,600		$	360,100		$	35,900		$	396,000
Notes Payable to unrelated parties:
7.5% Notes payable to service providers for
accounts payable converted to notes payable:
Burr, Pilger, Mayer	$	90,400		$	13,100		$	103,500		$	90,400		$	6,800		$	97,200
Desjardins		156,300			24,100			180,400			178,600			14,100			192,700
McCarthy Tetrault		319,700			46,000			365,700			360,900			24,800			385,700
August 2012 Morrison & Foerster Note A		918,200			193,200			1,111,400			918,200			87,900			1,006,100
August 2012 Morrison & Foerster Note B (1)		1,379,400			333,100			1,712,500			1,379,400			195,200			1,574,600
University Health Network  (1)		549,500			101,800			651,300			549,500			60,600			610,100
		3,413,500			711,300			4,124,800			3,477,000			389,400			3,866,400
Note discount		(474,500	)		-			(474,500	)		(848,100	)		-			(848,100	)
		2,939,000			711,300			3,650,300			2,628,900			389,400			3,018,300
less: current portion		(3,413,500	)		(711,300	)		(4,124,800	)		(1,130,100	)		(133,600	)		(1,263,700	)
non-current portion and discount	$	(474,500	)	$	-		$	(474,500	)	$	1,498,800		$	255,800		$	1,754,600
5.75%  and 10.25% Notes payable to insurance
premium financing company (current)	$	5,800		$	-		$	5,800		$	4,900		$	-		$	4,900
10% Notes payable to vendors for accounts
payable converted to notes payable	$	378,300		$	51,500		$	429,800		$	119,400		$	34,700		$	154,100
less: current portion		(378,300	)		(51,500	)		(429,800	)		(119,400	)		(34,700	)		(154,100	)
non-current portion	$	-		$	-		$	-		$	-		$	-		$	-
7.0% Note payable (August 2012)	$	58,800		$	7,900		$	66,700		$	58,800		$	3,800		$	62,600
less: current portion		(23,200	)		(7,900	)		(31,100	)		(15,800	)		(3,800	)		(19,600	)
7.0% Notes payable - non-current portion	$	35,600		$	-		$	35,600		$	43,000		$	-		$	43,000
Total notes payable to unrelated parties	$	3,856,400		$	770,700		$	4,627,100		$	3,660,100		$	427,900		$	4,088,000
less: current portion		(3,820,800	)		(770,700	)		(4,591,500	)		(1,270,200	)		(172,100	)		(1,442,300	)
non-current portion		35,600			-			35,600			2,389,900			255,800			2,645,700
less: discount (current at March 31, 2015)		-			-			-			(848,100	)		-			(848,100	)
Net non-current portion	$	35,600		$	-		$	35,600		$	1,541,800		$	255,800		$	1,797,600
Notes payable to related parties:
October 2012 7.5% Note to Cato Holding Co.	$	293,600		$	55,900		$	349,500		$	293,600		$	30,800		$	324,400
October 2012 7.5% Note to Cato Research Ltd. (1)		1,009,000			204,800			1,213,800			1,009,000			117,300			1,126,300
		1,302,600			260,700			1,563,300			1,302,600			148,100			1,450,700
Note discount		(54,500	)		-			(54,500	)		(103,200	)		-			(103,200	)
Total notes payable to related parties		1,248,100			260,700			1,508,800			1,199,400			148,100			1,347,500
less: current portion		(1,248,100	)		(260,700	)		(1,508,800	)		(259,600	)		(30,800	)		(290,400	)
non-current portion and discount	$	-		$	-		$	-		$	939,800		$	117,300		$	1,057,100
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(1) Note and interest payable solely in restricted shares of the Company's common stock.