Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Summary of Debt Outstanding

The following is a summary of debt outstanding as of the periods presented:

	As of
	June 30, 2016			December 31, 2015
Notes Payable to Directors and Affiliates	$	2,162,492		$	1,748,000
Convertible Term Loan, due December 2016, interest at 10%		2,300,000			2,300,000
Convertible Notes, due December 2016 and June 2017, interest 0%		650,126			—
Series Subordinated Note, due January 2016, interest at 12%		415,398			415,398
Notes Payable, due the earlier of raising $10 million in proceeds from private placements or August 2016, interest between 8.25% and 12%		67,082			74,486
Note Payable, due August 2021, interest 0%		192,000			192,000
Installment Note Payable – Bank		286,637			260,949
Total		6,073,735			4,990,833
Unamortized deferred financing costs		(118,934	)		(30,576	)
Total debt, net		5,954,801			4,960,257
Less: current portion of long-term debt		5,582,897			4,768,257
Long-term debt, net of current portion	$	371,904		$	192,000

Schedule of Future Maturities of Long-term Debt

Future maturities of long-term debt at June 30, 2016 are as follows:

Six months ending December 31, 2016	$	3,788,862
2017		1,968,386
2018		115,155
2019		9,332
2020		-
2021		192,000
Thereafter		-
	$	6,073,735