Note 3 - Prepaid loan costs |
6 Months Ended |
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Jun. 30, 2015 | |
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Note 3 – Prepaid loan costs
During the year ended December 31, 2013, the Company issued notes payable that include a three-year warrant for each $1.00 of principal covered in the notes. The warrants are exercisable at $0.40 per share (See Note 7). The warrants issued were valued using the Black-Scholes option pricing model and bifurcated out of the note proceeds and recorded as additional paid in capital in the amount of $296,524. As of June 30, 2014, the loan costs were fully amortized.
During the six months ended June 30, 2014, the Company issued notes payable that included a three-year warrant for each $1.00 of principal covered in the notes. The warrants are exercisable at $0.50 per share (See Note 7). The warrants were valued using the Black-Scholes option pricing model and bifurcated out of the note proceeds and recorded as additional paid in capital in the amount of $154,881. As of June 30, 2014, the loan costs were fully amortized.
On May 27, 2014, the Company issued convertible senior secured debentures (See Note 8). From these debentures, the Company incurred loan costs in the amount of $632,786, which are being amortized over eighteen months, which is the period for which the debentures are due. As of June 30, 2015 and December 31, 2014, the balance on these loan costs was $171,375 and $382,305, respectively.
On June 2, 2014, the Company issued convertible senior secured debentures (See Note 8). From these debentures, the Company incurred loan costs in the amount of $177,153, which are being amortized over eighteen months, which is the period for which the debentures are due. As of June 30, 2015 and December 31, 2014, the balance on these loan costs was $46,076 and $104,966, respectively.
On June 2, 2015, the Company issued convertible senior secured debentures (See Note 8). From these debenture, the Company incurred loan costs in the amount of $77,654, which are being amortized over fourteen months, which is the period for which the debentures are due. As of June 30, 2015, the balance on these loan costs was $72,107.
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