Convertible Debt (Tables)

6 Months Ended

Jun. 30, 2020

The balance of the December 2019 Bonds at June 30, 2020 was as follows:



Principal amount	$	3,915,035
Unamortized debt issuance cost	(40,681		)
Accretion of premium associated with the December 2019 Bonds	95,638
Accrued interest	9,788
Net carrying amount	$	3,979,780

The balance of the Notes at June 30, 2020 is as follows:



Principal amount	$	78,500,000
Unamortized debt discount on the liability component	(12,619,675		)
Unamortized debt issuance cost	(1,736,898		)
Accrued interest	1,700,833
Net carrying amount	$	65,844,260

The balance of the August 2019 Bonds at June 30, 2020 was as follows:



Principal amount	$	14,993,753
Unamortized debt discount	(5,600,302		)
Unamortized debt issuance cost	(211,272		)
Accretion of premium associated with the August 2019 Bonds	519,085
Accrued interest	37,484
Net carrying amount	$	9,738,748

Schedule of Maturities of Long-term Debt

As of June 30, 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	$	75,000	$	20,000	$	2,646,000
2021	5,103,000		150,000		39,000		5,292,000
2022	5,103,000		150,000		39,000		5,292,000
2023	5,103,000		150,000		39,000		5,292,000
2024	81,051,000		19,270,000		5,040,000		105,361,000
Total	$	98,911,000	$	19,795,000	$	5,177,000	$	123,883,000

(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.