Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.3.0.814
DEBT (Tables)
 9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
The long term debt at September 30, 2015 is recorded at its accredited value and consists of the following:
 
Face amount of the loan
 
$
4,000,000
 
Unamortized debt issuance costs
 
 
(406,844)
 
Unamortized discount on loan fees
 
 
(98,114)
 
Unamortized discount of amount allocated to warrants
 
 
(102,038)
 
Balance at September 30, 2015
 
$
3,393,004
 
Schedule of Maturities of Long-term Debt [Table Text Block]
Maturities of notes payable and long term debt as of September 30, 2015 are as follows:
 
 
 
Vehicle
 
 
 
Bank Direct
 
 
 
Years ending
 
Financing
 
Opus Bank
 
Capital
 
 
 
December 31
 
Notes
 
Term Loan
 
Finance
 
Total
 
2015 (three months)
 
$
6,566
 
$
-
 
$
86,251
 
$
92,817
 
2016
 
 
28,440
 
 
333,333
 
 
176,818
 
 
538,591
 
2017
 
 
28,788
 
 
1,333,333
 
 
-
 
 
1,362,121
 
Thereafter
 
 
32,884
 
 
2,333,334
 
 
-
 
 
2,366,218
 
Total
 
$
96,678
 
$
4,000,000
 
$
263,069
 
$
4,359,747