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Convertible Notes Payable (Tables)
 6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Convertible Notes Payable

Convertible notes payable consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

 

 

2017

 

 

2016

 

Current maturities:

 

 

 

 

 

 

 

 

Convertible note payable issued during 2014 to Ligand pursuant to the Master License Agreement with a 5% annual interest rate, due during 2016 (amended in January 2016 to a 2.5% annual interest rate with maturity extended to 2017, and subsequently amended in May 2017 with maturity extended to May 21, 2018)

 

$

1,955,139

 

 

$

1,955,139

 

Conversion payoff value

 

 

2,014,472

 

 

 

1,990,032

 

Discount on notes payable, current

 

 

(919,184

)

 

 

(675,589

)

Convertible notes payable, current (net of discount)

 

$

3,050,427

 

 

$

3,269,582