| 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. |
|