Financing Arrangements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2015

Dec. 31, 2014

Financing Arrangements

Summary of debt outstanding

	As of
	June 30,		December 31,
	2015		2014
		(unaudited)		(audited)
Notes Payable to Directors and Affiliates	$	1,348,000	$	1,350,000
Convertible Term Loan, due December 2016, interest at 10%		2,300,000		2,300,000
Series Subordinated Note, due December 2015  Stated interest rate of 12%		499,591		613,808
Notes Payable, due the earlier of raising $10 million in proceeds from private placements or January 2016, interest between 8.25% and 12%		74,486		74,486
Note Payable, due August 2021, interest 0%		192,000		192,000
Installment Note Payable – Bank		313,017		252,244
Total		4,727,094		4,782,538
Unamortized discount		(20,837)		(145,835)
Total debt, net		4,706,257		4,636,703
Less: current maturities		2,214,257		2,070,217
Long-term portion	$	2,492,000	$	2,566,486

	As of
	December 31,		December 31,
	2014		2013
Senior Secured Note Payable, due August 2013	$	-	$	1,562,500
Secured Convertible Notes, due June through August 2014		-		770,000
Notes Payable to Directors and Affiliates		1,350,000		2,350,000
Convertible Notes, due March 2015, interest at 10%		-		575,000
Convertible Term Loans, due December 2016, interest at 10%		2,300,000		500,000
Convertible, Subordinated Notes, due March 2012 interest at 6%		-		112,561
Convertible Subordinated Note, due April 2015 interest at 9%		-		200,000
Series Subordinated Notes, due April 2015  Stated interest rate of 12%, effective interest of 38%.		613,808		863,808
Notes Payable, due February 2015, interest at 10%		-		100,000
Notes Payable, due the earlier of raising $10 million in proceeds from private placements or January 2016, interest between 8.25% and 12%		74,486		-
Note Payable, due August 2021, interest 0%		192,000		-
Installment Note Payable – Bank		252,244		137,383
Total		4,782,538		7,171,252
Unamortized discount		(145,835)		(67,327)
Total debt, net		4,636,703		7,103,925
Less: current maturities		2,070,217		3,170,672
Long-term portion	$	2,566,486	$	3,933,253

Maturities of long-term debt

Six months ending December 31, 2015	$	2,139,772
2016		2,374,485
2017		-
2018		-
2019		-
2020		-
Thereafter		192,000
	$	4,706,257

2015	$	2,070,217
2016		2,374,486
2017		-
2018		-
2019		-
Thereafter		192,000
	$	4,636,703