Convertible debt consists of the following (Details) - USD ($) |
Mar. 31, 2017 |
Dec. 31, 2016 |
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Convertible debt consists of the following | ||
1% Convertible notes payable, due April 2017 | $ 240,000 | $ 240,000 |
11% Convertible note payable - HEP Investments, a related party, net of unamortized discount of $638,809 and $574,443 at March 31, 2017 and December 31, 2016, respectively, due September 2018 (at March 31, 2017). | 12,803,030 | 8,572,757 |
11% Convertible note payable - New Lenders; placed by Paulson, due at various dates ranging from September 2018 to October 2018 | 1,250,000 | 1,250,000 |
Total Convertible notes payable | 14,293,030 | 10,062,757 |
Less: Current portion | 240,000 | 6,886,710 |
Long term portion | $ 14,053,030 | $ 3,176,047 |
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- References No definition available.
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- Definition Carrying value as of the balance sheet date of the portion of long-term debt due within one year or the operating cycle if longer identified as Convertible Notes Payable. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder. No definition available.
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- Definition Carrying value as of the balance sheet date of long-term debt (with maturities initially due after one year or beyond the operating cycle if longer) identified as Convertible Notes Payable, excluding current portion. Convertible Notes Payable is a written promise to pay a note which can be exchanged for a specified amount of another, related security, at the option of the issuer and the holder. No definition available.
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- Definition 11% Convertible note payable - HEP Investments, a related party, net of unamortized discount of $638,809 and $574,443 at March 31, 2017 and December 31, 2016, respectively, due September 2018 (at March 31, 2017). No definition available.
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- Definition 11% Convertible note payable - New Lenders; placed by Paulson, due at various dates ranging from September 2018 to October 2018 No definition available.
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- Definition 1% Convertible notes payable, due April 2017 No definition available.
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- Definition Total Convertible notes payable No definition available.
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