Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.8.0.1
Long-Term Debt (Tables)
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of long-term debt

      March 31,
2018
    December 31,
2017
 
  Senior Secured Notes, due June 30, 2018 (discount is based on imputed interest rate of 26%)   $ 5,750,000     $ 5,750,000  
  Less: unamortized discount and debt issuance costs on Senior Secured Notes     (493,750 )     (987,500 )
  Net Senior Secured Notes     5,256,250       4,762,500  
  Secured mortgage payable to Bank for the purchase of the 100 Commerce Drive Building due in monthly installments of $11,951.     1,732,354       1,741,378  
  Note payable, former building owner interest payment only due in monthly installments of $1,604 interest at 5.5%. A balloon payment of $350,000 plus unpaid interest due August 2018.     350,000       350,000  
                   
        7,338,604       6,853,878  
  Less current portion     5,637,996       5,143,997  
  Long term debt   $ 1,700,608     $ 1,709,881