Quarterly report pursuant to Section 13 or 15(d)

Notes Payable and Long-Term Debt (Tables)

v3.6.0.2
Notes Payable and Long-Term Debt (Tables)
6 Months Ended
Jun. 30, 2016
Schedule of Notes Payable and Long-Term Debt

As of June 30, 2016 and December 31, 2015, notes payable and long-term debt consists of:

 

Convertible Promissory Note - Non-interest bearing; on January 19, 2016, the Company modified the terms of a secured note payable in the original amount of $950,000 and made the $700,000 balance convertible3     590,000       720,000  
                 
Note payable to former officer due in four equal annual installments of $25,313 on April 28 of each year, non-interest bearing; past due in 2016     101,250       101,250  
                 
Notes payable to seller of DigitizeIQ, LLC due as noted below 1     485,000       747,140  
                 
Senior Secured Credit Facility dated February 24, 2016; interest at 18% per annum; interest only for two months then 16 payments of $28,306 monthly2     124,595       -  
                 
Note payable to Pinz Capital International, L.P. dated May 25, 2016 with interest at 18% 4     100,000       -  
      1,469,818       1,660,096  
Less current portion     1,394,288       1,104,159  
Long-term debt   $ 75,530     $ 555,937  

Schedule of Net Carrying Value of Notes

The net carrying value of the notes follows.

 

    June 30 2016     December 31, 2015  
             
Face value of notes   $ 485,000     $ 750,000  
Unamortized debt discount     -       (2,860 )
Carrying value of notes   $ 485,000     $ 747,140  

Senior Secured Credit Facility Agreement [Member]  
Schedule of Net Carrying Value of Notes

The carrying value of the note at June 30, 2016 is as follows:

 

    Current     Non-current     Total  
                   
Face value of notes   $ 299,690     $ 55,363     $ 355,053  
Unamortized loan costs     (200,000 )     (30,458 )     (230,458 )
Carrying value of notes   $ 99,690     $ 24,905     $ 124,595