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Note Payable - Related Parties | 12 Months Ended
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Dec. 31, 2014
Notes Payable - Related Parties |
Notes Payable - Related Parties | 11.Notes Payable — Related Parties As of December 31, 2013, the Company had two unsecured convertible promissory notes payable in the aggregate principal amount of $650,000 owed to the Company’s Chairman of the Board. The maturity dates of the notes were June 19, 2014 and August 9, 2014. During the year ended December 31, 2014, the Company issued to the Company’s Chairman of the Board two additional convertible promissory notes in the aggregate principal amount of $400,000. On April 29, 2014, these four convertible notes in the aggregate principal amount of $1,050,000 were converted pursuant to the terms thereof into an aggregate of 546,553 shares of common stock and a warrant to purchase 351,060 shares of common stock at an exercise price of $2.00 per share. The warrant is exercisable immediately and expires on April 29, 2018. The Company incurred a debt extinguishment loss of $1,650,379 from the conversion of this note payable. As of December 31, 2013, the Company had a non-interest bearing and unsecured note payable in the principal amount of $200,000 owed to a member of the Company’s Board of Directors dated March 5, 2013 with maturity on the earlier of September 5, 2013 or receipt by the Company of $200,000 in net proceeds from a private placement of Company securities. This note was in default as of December 31, 2013. On October 21, 2014, the Company’s Board of Directors unanimously consented to convert the note and issued to such director 100,000 shares of common stock and a warrant to purchase 75,000 shares of common stock at an exercise price of $4.80 per share. The warrant is exercisable immediately and expires on October 21, 2018. The Company incurred a debt extinguishment loss of $257,394 from the conversion of this note payable. As of December 31, 2014, the Company had no notes payable owed to any related parties.

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