Annual report pursuant to Section 13 and 15(d)

Convertible Note Issuance Costs

Convertible Note Issuance Costs
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Convertible Note Issuance Costs

9.        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 amortized as interest expense within the statements of operations over the 14-month life of the notes:


Issuance costs are as follows:


    December 31,  
Placement fee   $ 553,490  
Fair value of Financing Warrants at time of issue     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  


The amount of issuance cost amortized as interest expense on the statements of operations was $909,411 and $151,568 for the year ended December 31, 2015 and the period from inception (June 20, 2014) through December 31, 2014, respectively. Upon completion of the IPO, all remaining unamortized debt discount and BCF were immediately expensed.