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Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2013
Debt Disclosure [Abstract]  
Components of Long-Term Debt

Long-term debt consisted of the following:

 

    March 31, 2013     December 31,
2012		  
       
Note payable to an officer of the Company. The principal is not subject to a fixed repayment schedule, bears interest at 8% per annum and is secured by all of the assets of the Company   $ 209,208     $ 209,208  
Note payable to an officer of the Company. The principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bears interest at 12% per annum and is secured by a subordinated position in all the assets of the Company.     225,719       225,719  
Note payable for research and development equipment. The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2012 over 48 months. The note carries a 0% interest, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal.    

396,004

(90,678)

      

396,004

(97,003)

  
Convertible, Senior Secured Term Debt. The principal is to be repaid over 15 months, with equal payments of principal beginning on October 15th. The loan bears interest at 13.5%, per annum, which is payable monthly on the 15th of each month. The loan is secured by a first security position in all the Intellectual Property assets of the Company and a security interest in all of the other assets of the Company that is subordinate only to the security interest that secures the Company’s working capital loan.     619,122       619,122  
Convertible, Senior Secured Term Debenture. The principal is to be repaid on a periodic basis in an amount equal to $200,000 on each of February 1, 2014, May 1, 2014 and August 1, 2014 and $50,000 on each of August 1, 2015, August 1, 2016, August 1, 2017 and March 21, 2018. The debenture bears interest at 16.0%, per annum, which is payable quarterly on February 1, May 1, August 1 and November 1, beginning on August 1, 2013. The loan is secured by a first security position in all the assets of the Company.     800,000       —  
Discount related to Warrants issued pursuant to the above Convertible, Senior Term Debenture that was recorded as a derivative liability, net of $3,403 in amortization.     (617,069 )     —  
Long-term secured deferred trade payable for which the principal and interest is subject to a fixed blended repayment schedule of 24 and 36 months, commencing July 15, 2013. The deferred trade payable bears interest at 12% per annum and is secured by a subordinated position in all the assets of the Company.     1,320,643       1,320,643  
Note payable for which the principal and interest is subject to a fixed blended repayment schedule of 36 months, commencing July 15, 2013. The loan bears interest at 12% per annum and is secured by a subordinated position in all the assets of the Company.     101,748       101,748  
                 
    $ 2,964,157     $ 2,775,441  
Less: Amount Due Within One Year     (1,283,355 )     (1,060,188 )
                 
Amount Due After One Year   $ 1,680,802     $ 1,715,253
Aggregate maturities for all long-term borrowings

The aggregate maturities for all long-term borrowings as of March 31, 2013 are as follows:

 

2013     2014     2015     2016     Thereafter     Total  
$ 1,283,355     $ 971,740     $ 440,785     $ 59,069     $ 209,208     $ 2,964,157