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NOTES PAYABLE | 6 Months Ended
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Jun. 30, 2018
Debt Disclosure [Abstract] |
NOTES PAYABLE | The following is a summary of notes payable:
|  | June 30, 2018 |  |  | December 31, 2017 |
(in thousands) |  | Current portion, net |  |  | Non-current portion, net |  |  | Total |  |  | Current portion, net |  |  | Non-current portion, net |  |  | Total |
Convertible 5% Notes Payable |  | $ | 210 |  |  | $ | - |  |  | $ | 210 |  |  | $ | 128 |  |  | $ | - |  |  | $ | 128 |
Total |  | $ | 210 |  |  | $ | - |  |  | $ | 210 |  |  | $ | 128 |  |  | $ | - |  |  | $ | 128 |
Convertible 5% Notes Payable The 5% Notes and accrued and unpaid interest thereon are convertible at the option of the holder into common stock at the conversion price of $1,125 per share. We have no obligation under the 5% Notes aside from (a) 50% of the net product cash flows from Ariston’s product candidates, if any, payable to noteholders; and (b) the conversion feature, discussed above. Interest accrues monthly, is added to principal on an annual basis, every March 8, and is payable at maturity, which was March 8, 2015 (see Note 4 for further details). The cumulative liability including accrued and unpaid interest of these notes was approximately $17.9 million at June 30, 2018 and $17.5 million at December 31, 2017. No payments have been made on the 5% Notes as of June 30, 2018. In December 2011, we elected the fair value option for valuing the 5% Notes. The fair value option was elected in order to reflect in our financial statements the assumptions that market participants use in evaluating these financial instruments (see Note 4 for further details).

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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