XML 27 R11.htm IDEA: XBRL DOCUMENT v3.3.1.900
Convertible Notes Payable
12 Months Ended
Dec. 31, 2015
Convertible Notes Payable  
Convertible Notes Payable

4. Convertible Notes Payable

In 2009 and 2010, we issued $15.2 million of convertible promissory notes (Notes) to existing preferred stockholders. The 2009 and 2010 Notes had an interest rate of 10.0% per annum and both had original maturity dates of one year or less. The Notes were subsequently extended several times and were also amended to increase the interest rate on the notes from 10% to 12.5%.  

Each such extension of each note was considered to be a modification of debt under ASC 470‑50‑40.

In June 2013, and prior to the maturity dates of the Notes, our Board of Directors and the requisite stockholders and holders of the 2009 Notes and 2010 Notes agreed to exchange the outstanding principal into shares of our Series A‑1 convertible preferred stock in connection with a concurrent financing . The exchange of the 2009 Notes and 2010 Notes was not pursuant to the terms of the applicable notes so we accounted for the exchange as an extinguishment of the original debt instrument.