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Notes Payable and Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of Notes Payable and Long-Term Debt

As of March 31, 2016 and December 31, 2015, notes payable and long-term debt consists of:

		March 31, 2016				December 31, 2015
On October 26, 2011, the Company entered into a note payable in the amount of $362,257, relating to a Unit redemption agreement bearing interest at 6% per annum and is payable in equal monthly installments of $7,003, inclusive of interest		$	85,161			$	91,706
Convertible Promissory Note - Non-interest bearing; on January 19, 2016, the Company modified the terms of a secured note payable in the original amount of $950,000 and made the $700,000 balance convertible³			640,000				720,000
Note payable to former officer due in four equal annual installments of $25,313 on April 28 of each year, non-interest bearing			101,250				101,250
Notes payable to seller of DigitizeIQ, LLC due as noted below ¹			485,000				747,140
Senior Secured Credit Facility dated February 24, 2016; interest at 18% per annum; interest only for two months then 16 payments of $28,306 monthly²			119,541				-
			1,430,952				1,660,096
Less current portion			1,300,096				1,104,159
Long-term debt		$	130,856			$	555,937

Schedule of Net Carrying Value of Notes

The net carrying value of the notes follows.

		March 31, 2016				December 31, 2015
Face value of notes		$	485,000			$	750,000
Unamortized debt discount			-				(2,860	)
Carrying value of notes		$	485,000			$	747,140

Senior Secured Credit Facility Agreement [Member]

Schedule of Net Carrying Value of Notes

The carrying value of the note is as follows:

		Current				Non-current				Total
Face value of notes		$	264,622			$	135,378			$	400,000
Unamortized loan costs			(200,000	)			(80,459	)			(280,459	)
Carrying value of notes		$	64,622			$	54,919			$	119,541

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