Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

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Long-Term Debt (Tables)
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of long-term debt

      September 30,
2018
    December 31,
2017
 
  Arosa Loan, due July 6, 2019, interest only quarterly payments, interest rate 8.0% (discount is based on warrant valuation and imputed interest of approximately 58%)   $ 7,800,000     $ -  
  Arosa Loan unamortized discount and issuance costs     (3,022,084 )        
  Net Arosa Loan     4,777,916          
  Senior Secured Notes, due July 6, 2018 (discount is based on imputed interest rate of 26%)     -       5,750,000  
  Less: unamortized discount and debt issuance costs on Senior Secured Notes     -       (987,500 )
  Net Senior Secured Notes     -       4,762,500  
  Secured mortgage payable, due November 2026, to Bank for 100 Commerce Drive Building, interest rate 6.5%, due in monthly installments of $11,951, inclusive of principal and interest     -       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  
        4,777,916       6,853,878  
  Less current portion     4,777,916       5,143,997  
  Long-term debt   $ -     $ 1,709,881  

Schedule of principal amounts

  Principal amounts:   At September 30,
2018
 
  Principal   $ 7,800,000  
  Unamortized debt discount and issuance costs (1)     (3,022,084 )
  Net debt carrying amount   $ 4,777,916  
  Carrying amount of warrant the liability component (2)   $ 2,013,128  

 

(1) Includes the unamortized portion of the initial warrant liability of $3,540,542 and issuance costs of $70,047.
(2) Includes marked to market liability of initial warrant liability as well August 2018 warrants issued.