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LONG-TERM NOTES PAYABLE | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Notes Payable Disclosure [Text Block] | 7. LONG-TERM NOTES PAYABLE On September 15, 2010, Cellectar, Inc. entered into certain loan agreements with the Wisconsin Department of Commerce (the “WDOC Notes”) to borrow a total of $450,000. The WDOC Notes bear interest at 2% per annum beginning on the date of disbursement and allow for the deferral of interest and principal payments until April 30, 2015. In the event of default of payment, interest on the delinquent payment is payable at a rate equal to 12% per annum. Monthly payments of $20,665 for principal and interest commence on May 1, 2015 and continue for 23 equal installments with the final installment of any remaining unpaid principal and interest due on April 1, 2017. As of December 31, 2014, notes payable mature as follows:
Years ending December 31, |  |  |
2015 |  | $ | 119,923 |
2016 |  |  | 243,590 |
2017 |  |  | 86,487 |
|  | $ | 450,000 |
The Company recorded interest expense related to these notes of approximately $17,000 and $9,000 for the years ended December 31, 2014 and 2013, respectively. On February 6, 2014, the Company sold $4,000,000 in aggregate principal of convertible debentures and warrants to purchase 400,000 shares of its common stock for an aggregate purchase price of $4,000,000. The debentures and warrants were extinguished through the holders’ participation in the public offering completed by the company in August 2014 (see Note 8).

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References No definition available. + Details
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- Details
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