December 31,

 

September 30,

 

 

 

2015

 

2015

 

 

 

 

 

 

 

 

 

Vendors Notes (Unsecured)

 

 

 

 

 

 

 

 

 

 

 

Short term vendor Note issued on December 31, 2013 at a stated interest rate of 5% per annum. The Company issued 539,925 shares of its common stock on October 27, 2015 to pay this note in full.

 

$

-

 

$

130,970

 

Short term vendor Notes (“Vendor Notes”) issued during August 2013 and December 2015 at a stated interest rate of 0% per annum. Terms range from 4 to 12 months. The Company issued 6,250 shares of its series F preferred stock on November 16, 2015 to settle a $25,000 note in full. All other notes are past due.

 

 

78,000

 

 

103,000

 

Non-interest bearing note issued during July 2015 to settle litigation. The note is payable in monthly installments from September 2015 to November 2016.

 

 

125,000

 

 

150,000

 

Vendor Note issued On November 20, 2015 to settle litigation, at a stated interest of 6% per annum. The note is payable in 84 monthly installments of $3,652.14 from January 2016 to December 2022.

 

 

250,000

 

 

-

 

Vendor note issued on may 1, 2015 to settle litigation, with a 0% interest rate. The note is payable in 20 monthly payments of $2,000.00 from October 1, 2015 to February 1, 2017.

 

 

38,000

 

 

-

 

Senior Secured Notes

 

 

 

 

 

 

 

 

 

 

 

 

Senior secured notes issued between October 2011 and January 2012, secured by the assets of the Company, at a stated interest rate of 15%. The senior notes were settled for cash at an approximate rate of $.50 for $1.00. Of the original senior debt balance of $3,550,012, $1,757,731 was paid in cash, resulting in a remaining principal balance of $1,792,281, plus accrued interest payable in the amount of $1,748,380. The remaining principal balance and all of the accrued interest were recognized as a one time gain of $3,431,533, net of associated costs of $109,124.

 

-

 

 

3,550,012

 

Obligations under capital leases, bearing interest rates between 4.1% and 8.2% per annum, secured by equipment having a value that approximates the debt value. Terms range from 48 to 60 months.

 

 

960,205

 

 

339,583

 

Various Equipment notes, bearing interest rates between 2% and 41% per annum, secured by equipment having a value that approximates the debt value. Terms range from 36 to 72 months

 

 

1,298,978

 

 

884,108

 

Bridge note bearing interest at a stated rate of 10% per annum, issued on November 15,2007, one-half payable 60 days following the consummation of the Merger, and the remainder due in 12 monthly installments beginning the following month; convertible into shares of the Company’s common stock at a conversion price equal to the greater of $0.50 per share or a 10% discount to the 10 day Volume Weighted Average Price of the Company’s common stock. The note is past due.

 

 

100,000

 

 

100,000

 

Bridge note bearing interest at a stated rate of 12% per annum, issued on June 29, 2012, due 24 months from date of issuance. The note is past due.

 

 

609,000

 

 

609,000

 

Total Notes Payables

 

$

3,459,183

 

$

5,866,673

 

Less: Current portion

 

$

(1,887,120)

 

$

(1,295,271)

 

Total Notes non-current portion

 

$

1,572,063

 

$

4,571,402