Quarterly report pursuant to Section 13 or 15(d)

Convertible Promissory Notes and Other Notes Payable (Tables)

v2.4.0.8
Convertible Promissory Notes and Other Notes Payable (Tables)
9 Months Ended
Dec. 31, 2013
Convertible Promissory Notes And Other Notes Payable Tables  
Convertible Promissory Notes and Other Notes Payable
    December 31, 2013     March 31, 2013  
   

Principal

Balance

   

Accrued

Interest

    Total    

Principal

Balance

   

Accrued

Interest

    Total  
Senior Secured 10% Convertible Promissory Notes issued to Platinum:                                    
Exchange Note issued on October 11, 2012   $ 1,272,600     $ 167,100     $ 1,439,700     $ 1,272,600     $ 61,700     $ 1,334,300  
Investment Note issued on October 11, 2012     500,000       65,700       565,700       500,000       24,200       524,200  
Investment Note issued on October 19, 2012     500,000       64,400       564,400       500,000       23,000       523,000  
Investment Note issued on February 22, 2013     250,000       22,500       272,500       250,000       2,600       252,600  
Investment Note issued on March 12, 2013     750,000       63,500       813,500       750,000       4,700       754,700  
      3,272,600       383,200       3,655,800       3,272,600       116,200       3,388,800  
                                                 
Convertible promissory note issued on July 26, 2013     250,000       11,200       261,200       -       -       -  
    Total Senior notes     3,522,600       394,400       3,917,000       3,272,600       116,200       3,388,800  
                                                 
Aggregate note discount     (2,135,800 )     -       (2,135,800 )     (1,963,100 )     -       (1,963,100 )
    Net Senior notes (non-current)   $ 1,386,800     $ 394,400     $ 1,781,200     $ 1,309,500     $ 116,200     $ 1,425,700  
                                                 
10% Convertible Promissory Notes (2013 Unit Notes)   $ 580,000     $ 13,100     $ 593,100     $ -     $ -     $ -  
 Note discount     (423,900 )     -       (423,900 )     -       -       -  
    Net convertible notes (all current)   $ 156,100     $ 13,100     $ 169,200     $ -     $ -     $ -  
                                                 
Notes Payable to unrelated parties:                                                
7.5% Notes payable to service providers for                                          
accounts payable converted to notes payable:                                          
     Burr, Pilger, Mayer   $ 90,400     $ 5,100     $ 95,500     $ 90,400     $ -     $ 90,400  
     Desjardins     184,800       11,200       196,000       194,100       800       194,900  
     McCarthy Tetrault     373,300       18,800       392,100       403,100       1,700       404,800  
     August 2012 Morrison & Foerster Note A     918,200       63,500       981,700       937,400       -       937,400  
     August 2012 Morrison & Foerster Note B (1)     1,379,400       161,100       1,540,500       1,379,400       60,100       1,439,500  
     University Health Network  (1)     549,500       50,500       600,000       549,500       19,400       568,900  
      3,495,600       310,200       3,805,800       3,553,900       82,000       3,635,900  
        Note discount     (929,000 )     -       (929,000 )     (1,142,600 )     -       (1,142,600 )
      2,566,600       310,200       2,876,800       2,411,300       82,000       2,493,300  
 less: current portion     (352,800 )     (98,600 )     (451,400 )     (450,300 )     (2,500 )     (452,800 )
     non-current portion and discount   $ 2,213,800     $ 211,600     $ 2,425,400     $ 1,961,000     $ 79,500     $ 2,040,500  
                                                 
5.75% and 10.25% Notes payable to insurance                                          
premium financing company (current)   $ 28,400     $ -     $ 28,400     $ 4,200     $ -     $ 4,200  
                                                 
10% Notes payable to vendors for accounts                                          
payable converted to notes payable   $ 119,400     $ 31,700     $ 151,100     $ 128,800     $ 23,300     $ 152,100  
 less: current portion     (119,400 )     (31,700 )     (151,100 )     (128,800 )     (23,300 )     (152,100 )
     non-current portion   $ -     $ -     $ -     $ -     $ -     $ -  
                                                 
  7.0% Note payable (August 2012)   $ 58,800     $ 2,700     $ 61,500     $ 59,400     $ -     $ 59,400  
 less: current portion     (5,000 )     (2,700 )     (7,700 )     (8,100 )     -       (8,100 )
  7.0% Notes payable - non-current portion   $ 53,800     $ -     $ 53,800     $ 51,300     $ -     $ 51,300  
                                                 
  Total notes payable to unrelated parties   $ 3,702,200     $ 344,600     $ 4,046,800     $ 3,746,300     $ 105,300     $ 3,851,600  
 less: current portion     (505,600 )     (133,000 )     (638,600 )     (591,400 )     (25,800 )     (617,200 )
     non-current portion     3,196,600       211,600       3,408,200       3,154,900       79,500       3,234,400  
 less: discount     (929,000 )     -       (929,000 )     (1,142,600 )     -       (1,142,600 )
    $ 2,267,600     $ 211,600     $ 2,479,200     $ 2,012,300     $ 79,500     $ 2,091,800  
Notes payable to related parties:                                                
  October 2012 7.5% Note to Cato Holding Co.   $ 293,600     $ 24,800     $ 318,400     $ 293,600     $ 7,400     $ 301,000  
  October 2012 7.5% Note to Cato Research Ltd. (1)     1,009,000       96,800       1,105,800       1,009,000       36,200       1,045,200  
      1,302,600       121,600       1,424,200       1,302,600       43,600       1,346,200  
            Note discount     (115,000 )     -       (115,000 )     (147,200 )     -       (147,200 )
     Total notes payable to related parties     1,187,600       121,600       1,309,200       1,155,400       43,600       1,199,000  
 less: current portion     (74,700 )     (24,800 )     (99,500 )     (85,600 )     (7,400 )     (93,000 )
    non-current portion and discount   $ 1,112,900     $ 96,800     $ 1,209,700     $ 1,069,800     $ 36,200     $ 1,106,000  
____________                                                
(1) Note and interest payable solely in restricted shares of the Company's common stock.          
Components of the discount and interest rates
 Face value   $ 250,000  
 Discount attributable to:        
   Fair value of warrant     (146,800 )
   Beneficial conversion feature     (100,700 )
 Inception date carrying value   $ 2,500  
 Effective Interest Rate     159.05 %