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Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Components of Long-Term Debt
Long-term debt consisted of the following:
 
 
 
September
 
December
 
 
 
30, 2015
 
31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Note payable for research and development equipment. The principal is subject to a fixed semi-annual repayment schedule commencing October 31, 2013 over 48 months. The note carries a 0% interest rate.
 
$
98,243
 
$
186,131
 
The note carries a 0% interest rate, but imputed interest has been accrued based on a 12% discount rate and is reflected as a reduction in the principal.
 
 
(27,423)
 
 
(46,399)
 
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 year and is secured by a subordinated position in all the assets of the Company.
 
 
25,437
 
 
50,874
 
Convertible, Senior Secured Notes payable. The principal is due June 3, 2017 and no principal payments are required prior to maturity. The notes carry 5% interest, payable upon the note’s maturity. Both the principal plus accrued interest is convertible into shares of the Company’s common shares at $2.25, subject to normal adjustments. The notes are secured by a first security position in all the assets of the Company.
 
 
1,902,500
 
 
2,375,000
 
Unamortized debt discount related to derivative liability associated with above notes’ conversion price that is subject to adjustment in the event of subsequent equity sales at a lower purchase price (subject to certain exceptions). Upon issuance on June 3, 2014 the discount was $1,938,988.
 
 
(731,213)
 
 
(1,348,185)
 
 
 
 
 
 
 
 
 
 
 
$
1,267,544
 
$
1,217,421
 
Less: Amount Due Within One Year
 
 
(73,985)
 
 
(128,425)
 
 
 
 
 
 
 
 
 
Amount Due After One Year
 
$
1,193,559
 
$
1,088,996
 
Aggregate maturities for all long-term borrowings
The calendar year aggregate maturities for all long-term borrowings exclusive of discounts as of September 30, 2015 are as follows:
 
Total Aggregate Maturity For Period
 
Amounts
 
 
 
 
 
 
2015
 
$
99,287
 
2016
 
 
24,393
 
2017
 
 
1,902,500
 
Total Required Principal Payments Exclusive of Debt Discounts
 
 
2,026,180
 
Total Unamortized Debt Discounts
 
 
(758,636)
 
 
 
 
 
 
Total Net Long-Term Borrowings as of September 30, 2015
 
$
1,267,544