Annual report pursuant to Section 13 and 15(d)

Notes Payable and Long-Term Debt (Tables)

v3.3.1.900
Notes Payable and Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Notes Payable and Long-Term Debt

As of December 31, 2015 and December 31, 2014, notes payable and long-term debt consists of:

 

    December 31, 2015     December 31, 2014  
On October 26, 2011, the Company entered into a note payable in the amount of $362,257, relating to a Unit redemption agreement bearing interest at 6% per annum and is payable in equal monthly installments of $7,003, inclusive of interest   $ 91,706     $ 161,586  
                 
On December 26, 2014, the Company entered into a secured promissory note in the original amount of $950,000 which is due and payable in 24 monthly installments, without interest. The balance is due on January 1, 2017. The note is secured by a pledge agreement of the holder’s former membership units that were acquired with the proceeds. If the Company pays a total of $800,000 by December 31, 2016, the remaining balance of the note will be forgiven     720,000       950,000  
                 
Note payable to former officer due in four equal annual installments of $25,313 on April 28 of each year, non-interest bearing     101,250       -  
                 
Notes payable to seller of DigitizeIQ, LLC due as noted below ¹     747,140       -  
                 
Bridge note payable, bearing interest at 9% per annum that matures October 15, 2015     -       100,000  
      1,660,096       1,211,586  
Less current portion     1,104,159       416,645  
Long-term debt   $ 555,937     $ 794,941  

Schedule of Net Carrying Value of Notes

The net carrying value of the notes follows.

 

    2015  
       
Face value of notes   $ 750,000  
Unamortized debt discount     (2,860 )
Carrying value of notes   $ 747,140