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Note 5 - Convertible Debt (PIK Notes)
 6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Convertible Debt [Text Block]
N
OTE 
5
– CONVERTIBLE DEBT (PIK NOTES)
 
As of
June 30, 2017,
the liability components of the PIK Notes on the Company’s balance sheet are listed in the following table:
 
 
 
Series 2023 Notes
 
 
Series A Notes
 
 
Total
 
PIK Note Payable, Gross
   $
14,774,562
     $
25,389,535
     $
40,164,097
  
Less: Unamortized Discount
    
(1,640,179
)
    
(11,225,890
)
    
(12,866,069
)
Less: Unamortized Deferred Financing Cost
    
(3,682
)
    
(6,318
)
    
(10,000
)
PIK Note Payable, Net
   $
13,130,701
     $
14,157,327
     $
27,288,028
  
                         
PIK Note Derivative Liability
   $
46,170
     $
518,579
     $
564,749
  
 
As of
December 31, 2016,
the liability components of the PIK Notes on the Company’s balance sheet are listed in the following table:
 
 
 
Series 2023 Notes
 
 
Series A Notes
 
 
Total
 
PIK Note Payable, Gross
   $
14,071,008
     $
24,125,958
     $
38,196,966
  
Less: Unamortized Discount
    
(1,721,898
)
    
(13,421,225
)
    
(15,143,123
)
Less: Unamortized Deferred Financing Cost
    
(5,064
)
    
(8,686
)
    
(13,750
)
PIK Note Payable, Net
   $
12,344,046
     $
10,696,047
     $
23,040,093
  
                         
PIK Note Derivative Liability
   $
142,909
     $
2,033,643
     $
2,176,552
  
 
 
As of
June 30, 2017,
the conversion price of the Series
2023
Notes was
$1.28
and the conversion price of the Series A Notes was
$0.83.
These conversion prices were adjusted per the terms of the Series
2023
Notes and Series A Notes, respectively.