Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v3.3.1.900
DEBT (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
The long term debt at December 31, 2015 is recorded at its accredited value and consists of the following:
 
Face amount of the loans
 
$
6,000,000
 
Unamortized debt issuance costs
 
 
475,103
 
Unamortized discount on loan fees
 
 
92,408
 
Unamortized discount of amount allocated to warrants
 
 
96,105
 
Balance at December 31, 2015
 
$
5,336,384
 
Schedule of Maturities of Long-term Debt [Table Text Block]
Maturities of the outstanding notes payable, the term loan and other obligations as of December 31, 2015 are as follows:
 
 
 
Vehicle
 
 
 
Bank Direct
 
Obligation for
 
 
 
Years ending
 
Financing
 
Opus Bank
 
Capital
 
Customer
 
 
 
December 31
 
Notes
 
Term Loans
 
Finance
 
Relationships
 
Total
 
2016
 
$
30,207
 
$
500,000
 
$
176,816
 
$
375,000
 
$
1,082,023
 
2017
 
 
31,295
 
 
2,000,000
 
 
-
 
 
-
 
 
2,031,295
 
2018
 
 
19,365
 
 
2,000,000
 
 
-
 
 
-
 
 
2,019,365
 
2019
 
 
15,879
 
 
1,500,000
 
 
-
 
 
-
 
 
1,515,879
 
Total
 
$
96,746
 
$
6,000,000
 
$
176,816
 
$
375,000
 
$
6,648,562