Annual report pursuant to Section 13 and 15(d)

Notes Payable (Tables)

v3.3.1.900
Notes Payable (Tables)
12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of issuance of the convertible notes

Issuance costs are as follows:

 

    December 31,  
    2015  
USDA guarantee fee   $ 270,000  
Broker commission     211,404  
Origination fee     200,000  
Legal fees     38,160  
Construction services     15,133  
Title insurance     11,700  
Miscellaneous fees     9,334  
Accumulated amortization     (5,113 )
         
Net loan costs   $ 750,618  
         
Loan   $ 10,000,000  
Loan, short term     (28,932 )
Loan discount net of amortization     (750,618 )
Loan, long term, net of discount   $ 9,220,450  
Schedule of future principal payments

The future principal payments related to the Green Bank and Thermo Fisher Financial Service notes are as follows as of December 31, 2015:

 

2016   $ 44,966  
2017     181,125  
2018     190,877  
2019     202,650  
2020     215,149  
Thereafter     9,182,603  
Total loan  payments   $ 10,017,370