|3 Months Ended|
Mar. 31, 2018
|Debt Disclosure [Abstract]|
Long-term debt consists of the following:
On December 26, 2017, as part of its initial efforts to spin-off SureFly, the Company entered into a Securities Purchase Agreement with several existing institutional investors pursuant to which the company issued original issue discount Senior Secured Notes in the aggregate principal amount of $5,750,000 in consideration of gross proceeds of $5,000,000 paid by the Spin-Off Investors. The loan is convertible into SureFly equity upon achieving the spin-out.
Amortization expense related to the debt issuance costs and unamortized discounts for the Senior Secured Notes was $493,750 for the quarter ended March 31, 2018.
The entire disclosure for long-term debt.
Reference 1: http://www.xbrl.org/2003/role/presentationRef