Convertible Debt (Tables)

3 Months Ended

Mar. 31, 2020

The balance of the August 2019 Bonds at March 31, 2020 is as follows:



Principal amount	$	14,767,171
Unamortized debt discount	(5,980,204		)
Unamortized debt issuance cost	(225,603		)
Accretion of premium associated with the August 2019 Bonds	357,994
Accrued interest	36,918
Net carrying amount	$	8,956,276

The balance of the Notes at March 31, 2020 is as follows:



Principal amount	$	78,500,000
Unamortized debt discount on the liability component	(13,356,690		)
Unamortized debt issuance cost	(1,838,336		)
Accrued interest	425,208
Net carrying amount	$	63,730,182

The balance of the December 2019 Bonds at March 31, 2020 is as follows:



Principal amount	$	3,855,872
Unamortized debt issuance cost	(43,740		)
Accretion of premium associated with the December 2019 Bonds	46,988
Accrued interest	9,747
Net carrying amount	$	3,868,867

Schedule of Maturities of Long-term Debt

As of March 31, 2020, future minimum payments due under the Company's convertible debt instruments are as follows:



	Convertible Notes (1)		August 2019 Bonds (2)		December 2019 Bonds (2)		Total
Remainder of 2020	$	2,551,000	$	111,000	$	29,000	$	2,691,000
2021	5,103,000		148,000		39,000		5,290,000
2022	5,103,000		148,000		39,000		5,290,000
2023	5,103,000		148,000		39,000		5,290,000
2024	81,051,000		19,789,000		5,176,000		106,016,000
Total	$	98,911,000	$	20,344,000	$	5,322,000	$	124,577,000

(1) Amounts represent contractual amounts due under the Notes, including interest based on the fixed rate of 6.5% per year.

(2) Amounts represent contractual amounts due under the August 2019 and December 2019 Bonds, including interest based on the fixed rate of 1% per year plus a premium on such bonds to provide an internal rate of return with respect to such Bonds of 6% at maturity.