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)
6 Months Ended
Sep. 30, 2014
Convertible Promissory Notes And Other Notes Payable Tables  
Convertible Promissory Notes and Other Notes Payable

 

 

    September 30, 2014     March 31, 2014  
    Principal     Accrued           Principal     Accrued        
    Balance     Interest     Total     Balance     Interest     Total  
Senior Secured 10% Convertible Promissory Notes                                
    issued to Platinum:                                    
Exchange Note issued on October 11, 2012   $ 1,272,600     $ 280,000     $ 1,552,600     $ 1,272,600     $ 203,400     $ 1,476,000  
Investment Note issued on October 11, 2012     500,000       110,000       610,000       500,000       79,900       579,900  
Investment Note issued on October 19, 2012     500,000       108,700       608,700       500,000       78,600       578,600  
Investment Note issued on February 22, 2013     250,000       43,900       293,900       250,000       29,400       279,400  
Investment Note issued on March 12, 2013     750,000       127,400       877,400       750,000       84,100       834,100  
      3,272,600       670,000       3,942,600       3,272,600       475,400       3,748,000  
                                                 
Convertible promissory note issued on July 26, 2013     250,000       31,600       281,600       250,000       17,700       267,700  
    Total Senior notes     3,522,600       701,600       4,224,200       3,522,600       493,100       4,015,700  
                                                 
Aggregate note discount     -       -       -       (2,085,900 )     -       (2,085,900 )
    Net Senior notes (non-current)   $ 3,522,600     $ 701,600     $ 4,224,200     $ 1,436,700     $ 493,100     $ 1,929,800  
                                                 
                                                 
10% Convertible Promissory Notes (Unit Notes)                                          
2013/2014 Unit Notes, due 7/31/14   $ -     $ -     $ -     $ 1,007,500     $ 35,700     $ 1,043,200  
2014 Unit Notes, including amended notes, due 3/31/15     2,718,400       95,600       2,814,000       50,000       200       50,200  
      2,718,400       95,600       2,814,000       1,057,500       35,900       1,093,400  
 Note discounts     (1,251,000 )     -       (1,251,000 )     (697,400 )     -       (697,400 )
    Net convertible notes (all current)   $ 1,467,400     $ 95,600     $ 1,563,000     $ 360,100     $ 35,900     $ 396,000  
                                                 
                                                 
Notes Payable to unrelated parties:                                                
  7.5% Notes payable to service providers for                                                
  accounts payable converted to notes payable:                                                
     Burr, Pilger, Mayer   $ 90,400     $ 10,200     $ 100,600     $ 90,400     $ 6,800     $ 97,200  
     Desjardins     177,100       20,700       197,800       178,600       14,100       192,700  
     McCarthy Tetrault     362,200       38,600       400,800       360,900       24,800       385,700  
     August 2012 Morrison & Foerster Note A     918,200       139,400       1,057,600       918,200       87,900       1,006,100  
     August 2012 Morrison & Foerster Note B (1)     1,379,400       264,300       1,643,700       1,379,400       195,200       1,574,600  
     University Health Network  (1)     549,500       81,300       630,800       549,500       60,600       610,100  
      3,476,800       554,500       4,031,300       3,477,000       389,400       3,866,400  
        Note discount     (672,700 )     -       (672,700 )     (848,100 )     -       (848,100 )
      2,804,100       554,500       3,358,600       2,628,900       389,400       3,018,300  
 less: current portion     (1,147,100 )     (208,900 )     (1,356,000 )     (1,130,100 )     (133,600 )     (1,263,700 )
     non-current portion and discount   $ 1,657,000     $ 345,600     $ 2,002,600     $ 1,498,800     $ 255,800     $ 1,754,600  
                                                 
5.75% and 10.25% Notes payable to insurance                                          
premium financing company (current)   $ 61,700     $ -     $ 61,700     $ 4,900     $ -     $ 4,900  
                                                 
  10% Notes payable to vendors for accounts                                                
  payable converted to notes payable   $ 415,200     $ 43,000     $ 458,200     $ 119,400     $ 34,700     $ 154,100  
  less: current portion     (415,200 )     (43,000 )     (458,200 )     (119,400 )     (34,700 )     (154,100 )
     non-current portion   $ -     $ -     $ -     $ -     $ -     $ -  
                                                 
  7.0% Note payable (August 2012)   $ 58,800     $ 5,800     $ 64,600     $ 58,800     $ 3,800     $ 62,600  
  less: current portion     (20,000 )     (5,800 )     (25,800 )     (15,800 )     (3,800 )     (19,600 )
  7.0% Notes payable - non-current portion   $ 38,800     $ -     $ 38,800     $ 43,000     $ -     $ 43,000  
                                                 
  Total notes payable to unrelated parties   $ 4,012,500     $ 603,300     $ 4,615,800     $ 3,660,100     $ 427,900     $ 4,088,000  
  less: current portion     (1,644,000 )     (257,700 )     (1,901,700 )     (1,270,200 )     (172,100 )     (1,442,300 )
     non-current portion     2,368,500       345,600       2,714,100       2,389,900       255,800       2,645,700  
  less: discount     (672,700 )     -       (672,700 )     (848,100 )     -       (848,100 )
    $ 1,695,800     $ 345,600     $ 2,041,400     $ 1,541,800     $ 255,800     $ 1,797,600  
                                                 
                                                 
Notes payable to related parties:                                                
  October 2012 7.5% Note to Cato Holding Co.   $ 293,600     $ 43,100     $ 336,700     $ 293,600     $ 30,800     $ 324,400  
  October 2012 7.5% Note to Cato Research Ltd. (1)     1,009,000       160,400       1,169,400       1,009,000       117,300       1,126,300  
      1,302,600       203,500       1,506,100       1,302,600       148,100       1,450,700  
            Note discount     (79,600 )     -       (79,600 )     (103,200 )     -       (103,200 )
     Total notes payable to related parties     1,223,000       203,500       1,426,500       1,199,400       148,100       1,347,500  
  less: current portion     (279,800 )     (43,100 )     (322,900 )     (259,600 )     (30,800 )     (290,400 )
    non-current portion and discount   $ 943,200     $ 160,400     $ 1,103,600     $ 939,800     $ 117,300     $ 1,057,100  

(1) Note and interest payable solely in restricted shares of the Company's common stock.