Quarterly report pursuant to Section 13 or 15(d)

Convertible Note Issuance Costs

Convertible Note Issuance Costs
9 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Convertible Note Issuance Costs

7.        Convertible Note Issuance Costs


The costs associated with the issuance of the Convertible Notes were recorded as a reduction to the carrying amount of the Convertible Notes and were being amortized to interest expense over the 14-month life of the notes. The Notes were converted into common shares of the Company on August 5, 2015 and the balance of the issuance costs was expensed at that time:


Issuance costs as of December 31, 2014 were as follows:



    December 31,  
Placement fee   $ 553,490  
Fair value of Financing Warrants at time of issuance     212,155  
Attorney fees     79,679  
Escrow fees     3,500  
Beneficial conversion feature     212,155  
Accumulated amortization     (151,568 )
Net issuance costs   $ 909,411  
Convertible Notes   $ 6,000,000  
Convertible Notes discount net of amortization     (909,411 )
Convertible Notes, net of discount   $ 5,090,589