9. NOTES PAYABLE, LONG-TERM DEBT AND CAPITAL LEASES | 9 Months Ended |
Sep. 30, 2013 |
Debt Disclosure [Abstract] | ' |
NOTE 9 - NOTES PAYABLE, LONG-TERM DEBT AND CAPITAL LEASES | ' |
Notes payable, long-term debts and capital leases consist of the following as of September 30, 2013 (in thousands): |
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| | Terms | | Maturity Date | | Interest Rate | | Gross Balance | | | Debt Discount | | | Balance | |
Banc leasing, Inc. | | $10,660 / Month including interest | | 15-Jan | | 11.62% | | $ | 157 | | | $ | – | | | $ | 157 | |
Advantage leasing associates | | $7,186 / Month including interest | | Various | | Various | | | 137 | | | | – | | | | 137 | |
Legacy laser services Dallas, LLC | | $9,947 / Month including interest | | 16-May | | 42.00% | | | 191 | | | | – | | | | 191 | |
MP Nexlevel LLC | | $7,043 / Month including interest | | 14-May | | 10.00% | | | 54 | | | | – | | | | 54 | |
Tonaquint | | $791,500 / Lump sum payment including interest | | 13-Sep | | 12.00% | | | 909 | | | | – | | | | 909 | |
JMJ Financial | | $330,000 / Lump sum payment including interest | | 14-Mar | | 12.00% | | | 307 | | | | 273 | | | | 34 | |
Vista capital | | $60,500 / Lump sum payment including interest | | 13-Oct | | 12.00% | | | 61 | | | | 3 | | | | 58 | |
Willow creek capital | | $244,200 / Lump sum payment including interest | | 13-Oct | | 12.00% | | | 244 | | | | 3 | | | | 241 | |
TCA global line of credit | | $139,523 / Month including interest | | 14-Jul | | 12.00% | | | 1,262 | | | | 123 | | | | 1,139 | |
Investor financing | | $495,000 / Lump sum payment including interest | | 13-Sep | | 12.00% | | | 473 | | | | – | | | | 473 | |
Dakota capital equipment financing | | $178,031 / Quarterly including interest | | 16-Mar | | 18.00% | | | 1,518 | | | | 33 | | | | 1,485 | |
E-bond investor notes | | 3 years/ Semiannual interest (See below) | | Various | | 7.50% | | | 311 | | | | 198 | | | | 113 | |
Line of credit | | 2 years/ Quarterly interest (See below) | | 15-Dec | | 12.00% | | | 2,523 | | | | – | | | | 2,523 | |
Total debt | | | | | | | | $ | 8,147 | | | $ | 633 | | | | 7,514 | |
Less current maturities | | | | | | | | | | | | | | | | | (3,742 | ) |
Long-term debt | | | | | | | | | | | | | | | | $ | 3,772 | |
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Notes payable, long-term debts and capital leases consist of the following as of December 31, 2012 (in thousands): |
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| | Terms | | Maturity Date | | Interest Rate | | Gross Balance | | | Debt Discount | | | Balance | |
Banc leasing, Inc. | | $10,660 / Month including interest | | 15-Jan | | 11.62% | | $ | 227 | | | $ | – | | | $ | 227 | |
Advantage leasing associates | | $7,186 / Month including interest | | Various | | Various | | | 156 | | | | – | | | | 156 | |
MP Nexlevel LLC | | $7,043 / Month including interest | | 14-May | | 10.00% | | | 111 | | | | – | | | | 111 | |
Investor financing | | $765,000 / Lump sum payment including interest | | 13-Jan | | 12.00% | | | 765 | | | | – | | | | 765 | |
Premium assignment | | $1,495 / Month including interest | | 13-Jul | | 6.00% | | | 17 | | | | – | | | | 17 | |
Dakota capital equipment financing | | $178,031 / Quarterly including interest | | 16-Mar | | 18.00% | | | 1,820 | | | | 57 | | | | 1,763 | |
E-bond investor notes | | 3 years/ Semiannual interest (See below) | | Various | | 7.50% | | | 687 | | | | 566 | | | | 121 | |
Line of credit | | 2 years/ Quarterly interest (See below) | | 15-Dec | | 12.00% | | | 3,168 | | | | – | | | | 3,168 | |
Total debt | | | | | | | | $ | 6,951 | | | $ | 623 | | | | 6,328 | |
Less current maturities | | | | | | | | | | | | | | | | | (1,527 | ) |
Long-term debt | | | | | | | | | | | | | | | | $ | 4,801 | |
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Line of Credit |
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During December 2012, the Company extended its maturity date of its $12.0 million unsecured revolving credit facility with Angus Capital Partners, a related party, from December 31, 2013 to December 30, 2015. The terms of the unsecured revolving credit facility allow the Company to draw upon the facility as financing requirements dictate and provide for quarterly interest payments at a 12% rate per annum. The payment of principal and interest may be paid in cash, common shares or preferred shares at the Company’s election. At September 30, 2013, the outstanding balance on the line of credit totaled $2,523,000 with a remaining line of credit available of $9,477,000. |
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During the nine months ended September 30, 2013, the Company issued 4,523,000 shares of its Common Stock for the settlement of $1,444,000 of principal and $289,000 of accrued interest for a total amount of $1,733,000 owed to Angus Capital Partners. The Company issued Common Stock at an average price of $0.38 per share calculated based on the closing price the day the debt was settled. |
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E-Series Bond Investor Note |
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During the nine months ended September 30, 2013, the Company issued to certain accredited investors a principal amount of $325,000 of E-Series bonds (the "Bonds") in addition to the $687,000 which was outstanding at December 31, 2012. At September 30, 2013, the outstanding principal balance of the Bonds totaled $311,000. The Bonds are due and payable upon maturity, a three-year period from the issuance date. Interest on the Bonds is payable at the rate of 7.5% per annum, and is payable semiannually. The Bondholder may require the Company to convert the Bond (including any unpaid interest) into shares of Common Stock at any time only during the first year. If the Bonds are converted under this option, the Company will issue shares representing 100% of the Bond principal and unpaid interest calculated through maturity. The Common Stock issued under this option will be valued at the average closing price of the common shares for the five days prior to the notification. If the Bond is converted within the first year the Company will issue a three-year warrant to purchase one share of EBI Common Stock at a price of $4.00 for every $2.00 of Bond principal. |
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At the Company's discretion at any time after the first year, the Bonds, including the interest payments calculated through the date of conversion may be redeemed in cash or in shares of our Common Stock, valued at the average last sales price over the 20-trading-day period preceding any payment date. If the Company chooses to issue Common Stock as redemption of the Bond principal, we will issue shares representing a value equal to 125% of the Bond principal and shares representing a value equal to 100% of the Bond interest through redemption date. |
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The Bonds were determined to include various embedded derivative liabilities. The derivative liabilities are the conversion feature and the redemption option (compound embedded derivative liability). At the date of issuance of the Bond, compound embedded derivative liabilities were measured at fair value using either quoted market prices of financial instruments with similar characteristics or other valuation techniques. These derivative liabilities will be marked-to-market each quarter with the change in fair value recorded in the statement of operations. The Company uses the effective interest method to record interest expense from the accretion of the debt discount and from the accretion of unamortized discount upon conversion which totaled $506,639 for the nine months ended September 30, 2013. The estimated debt accretion for subsequent years is $15,893, $92,678, and $89,560 for years ending December 31, 2013, 2014, and 2015, respectively. |
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The following table summarizes the convertible debt activity for the period January 1, 2013 through September 30, 2013: |
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Description | | Bonds | | | Compound Derivative Liability | | | Total | | | | | | | |
Fair value at December 31, 2012 | | $ | 121,446 | | | $ | 492,043 | | | $ | 613,489 | | | | | | | |
Fair value issuances during 2013 (principal amount) | | | 325,000 | | | | – | | | | 325,000 | | | | | | | |
Fair value issuances during 2013 (debt discount) | | | (139,216 | ) | | | 139,216 | | | | – | | | | | | | |
Change in fair value | | | 506,639 | | | | (130,623 | ) | | | 376,016 | | | | | | | |
Conversions | | | (701,000 | ) | | | (443,611 | ) | | | (1,144,611 | ) | | | | | | |
Fair value at September 30, 2013 | | $ | 112,869 | | | $ | 57,025 | | | $ | 169,894 | | | | | | | |
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The Company recorded a net change in fair value of derivatives of $130,623 and a gain on debt redemption of $156,791 for a total net derivative income of $287,414 for the nine months ended September 30, 2013. |
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Dakota Capital Fund LLC Equipment Financing |
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In November 2011, the Company entered into debt financing agreement with Dakota Capital Fund LLC, for financing of up to $3,000,000. During the fourth quarter of 2011, the Company received proceeds of $2,000,000 and had the option of additional funding of $1,000,000 for equipment purchases. This debt facility is secured by certain ERF Wireless assets and there is no prepayment penalty. At September 30, 2013, the outstanding balance on the debt financing agreement totaled $1,485,000 and the Company has elected not to request any additional funds under this credit facility. The payment terms are $178,031 per quarter including interest, at an annual rate of 18% per annum plus 10% of positive operational cash flow as determined on a quarterly basis for repayment of additional principal beginning July 1, 2012. The funding was utilized to purchase equipment to build out networks in oil and gas exploration regions of North America. |
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The Company issued 30,000 shares of Common Stock for the consummation of the initial $2,000,000 debt financing agreement from Dakota Capital Fund LLC resulting in a debt discount of $93,600. The Company uses the effective interest method to record interest expense from the accretion of the debt discount and accretes the unamortized discount upon conversion which totaled $24,361 for the nine months ended September 30, 2013. The estimated debt accretion for subsequent years is $8,653 and $24,611 for years ending December 31, 2013, and 2014, respectively. |
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Tonaquint Convertible Promissory Note |
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On March 5, 2013, the Company entered into a six-month secured convertible promissory note secured debt financing agreement with Tonaquint, Inc. (“holder”), for $791,500, bearing interest at a rate of 12% per annum and maturing September 5, 2013. At September 30, 2013, the outstanding principal balance of the Tonaquint convertible promissory note totaled $909,000. The note includes an original issue discount (“OID”) of $65,000 based on the consideration funded, prepaid interest of $71,500 and $5,000 in legal and other expense. The Company also paid holder an origination fee in the amount of $227,500 in 144 Stock (284,375 shares) at the closing bid price on March 5, 2013, plus 50,000 shares (valued at $40,000) of the Company’s Common Stock. The holder may require the Company to convert the outstanding principal balance (including any unpaid interest) into shares of 144 Common Stock at any time after the six-month term of the note. The Common Stock issued will be valued using a conversion factor of 80% of the average of the lowest two (2) trading prices for common shares during the twenty (20) trading day period ending on the latest complete trading day prior to the conversion date. If the average two (2) lowest trading prices is less than $0.33, then the conversion factor will be reduced to 70%. The holder received the option to purchase five-year warrants expiring March 5, 2018 to purchase 148,406 shares of ERF Common Stock at an exercise price of $0.80 or the per-share price at which the Common Stock is sold in an underwritten public offering that closes on or before the date that is six (6) months from the issue date, as may be adjusted from time to time pursuant to the terms and conditions of this warrant. The Company is not in compliance with all the provisions of the note causing an automatic acceleration of the outstanding balance of $791,500 to $949,800. The note will accrue interest at a rate of 12% from September 5, 2013 until the March 4, 2014 and thereafter at a rate of 18% per annum. The note is recorded as a current liability and has been reduced subsequently by a payment of $59,000. |
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The Tonaquint promissory note was determined to include various embedded derivative liabilities. The derivative liabilities are the conversion feature, conversion price reset feature and the redemption option (compound embedded derivative liability). At the date of issuance of the Tonaquint note, compound embedded derivative liabilities were measured at fair value using either quoted market prices of financial instruments with similar characteristics or other valuation techniques. These derivative liabilities will be marked-to-market each quarter with the change in fair value recorded in the statement of operations. The Company uses the effective interest method to record interest expense from the accretion of the debt discount, which totaled $588,724 for the nine months ended September 30, 2013. |
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The following table summarizes the convertible debt activity for the period March 5, 2013 through September 30, 2013: |
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Description | | Tonaquint | | | Warrant Compound Derivative Liability | | | Compound Derivative Liability | | | Total | | | |
Fair value issuances at inception | | $ | 949,800 | | | $ | – | | | $ | – | | | $ | 949,800 | | | |
Fair value issuances during 2013 (debt discount) | | | (588,724 | ) | | | 16,400 | | | | 256,224 | | | | (316,100 | ) | | |
Change in fair value | | | 588,724 | | | | (13,891 | ) | | | 172,799 | | | | 747,632 | | | |
Conversions during | | | (40,882 | ) | | | | | | | – | | | | (40,882 | ) | | |
Fair value at September 30, 2013 | | $ | 908,918 | | | $ | 2,509 | | | $ | 429,023 | | | $ | 1,340,450 | | | |
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The Company recorded a net change in fair value of derivative expense of $187,322 and a loss on debt redemption of $19,162 for a total net derivative expense of $206,484 for the nine months ended September 30, 2013. |
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JMJ Financial Convertible Promissory Note |
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On March 20, 2013, the Company entered into a one year unsecured promissory note debt financing agreement with JMJ Financial for (“JMJ”) up to $500,000 at the sole discretion of additional consideration with the Lender. The note includes a 10% original issue discount that is prorated based on the consideration funded. The Company also paid holder an origination fee in the amount of $40,500 in 144 Stock (50,000 shares) at the closing bid price of the Company’s Common Stock. As of September 30, 2013 the Company has received funding of $300,000, bearing interest at a rate of 12% per annum and maturing in one year from the effective date of each payment. At September 30, 2013, the outstanding principal balance of the JMJ Financial convertible promissory note totaled $307,000 including OID. The conversion price is the lesser of $0.59 or 60% of the lowest trade price in the 25 trading days previous to the conversion. |
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The JMJ promissory note was determined to include various embedded derivative liabilities. The derivative liabilities are the conversion feature, conversion price reset feature and the redemption option (compound embedded derivative liability). At the date of issuance of the JMJ note, compound embedded derivative liabilities were measured at fair value using either quoted market prices of financial instruments with similar characteristics or other valuation techniques. These derivative liabilities will be marked-to-market each quarter with the change in fair value recorded in the statement of operations. The Company uses the effective interest method to record interest expense from the accretion of the debt discount and from the accretion of unamortized discount upon conversion which totaled $56,731 for the nine months ended September 30, 2013. The estimated debt accretion for subsequent years is $63,688 and $209,581 for years ending December 31, 2013 and 2014, respectively. |
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The following table summarizes the convertible debt activity for the period March 20, 2013 through September 30, 2013: |
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Description | | JMJ | | | Compound Derivative Liability | | | Total | | | | | | | |
Fair value issuances at inception | | $ | 330,000 | | | $ | – | | | $ | 330,000 | | | | | | | |
Fair value issuances during 2013 (debt discount) | | | (330,000 | ) | | | 382,260 | | | | 52,260 | | | | | | | |
Change in fair value | | | 56,731 | | | | (123,659 | ) | | | (66,928 | ) | | | | | | |
Conversions during | | | (22,500 | ) | | | – | | | | (22,500 | ) | | | | | | |
Fair value at September 30, 2013 | | $ | 34,231 | | | $ | 258,601 | | | $ | 292,832 | | | | | | | |
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The Company recorded a net change in fair value of derivatives income of $104,200 and a loss on debt redemption of $13,819 for a total net derivative income of $90,381 for the nine months ended September 30, 2013. |
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Willow Creek Capital Convertible Promissory Note |
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On April 2, 2013, the Company entered into a nine month convertible promissory note secured debt financing agreement with Willow Creek Capital, LLC, for $244,200, bearing interest at a rate of 12% per annum and maturing October 01, 2013. The note also includes a 10% OID of $20,000 based on the consideration funded, prepaid interest of $22,200 and $2,000 in legal and other expense. The Company also paid holder an origination fee in the amount of $109,890 in 144 Stock (146,325 shares) at the closing bid price of the Company’s Common Stock. The holder may require the Company to convert the outstanding principal balance (including any unpaid interest) into shares of 144 Common Stock at any time after the six months term of the note. The Common Stock issued will be valued using a conversion factor of 80% the average of the lowest two (2) trading prices common shares during the twenty (20) trading day period ending on the latest complete trading day prior to the conversion date. If the average two (2) lowest trading prices is less than $0.33, then the conversion factor will be reduced to 70%. The holder will be entitled to purchase from the Company five year warrants expiring April 2, 2018 to purchase 48,775 shares of ERF Common Stock at an exercise price of $0.751 or the per-share price at which the Common Stock is sold in an underwritten public offering that closes on or before the date that is six (6) months from the issue date, as may be adjusted from time to time pursuant to the terms and conditions of this Warrant. |
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The Willow Creek promissory note was determined to include various embedded derivative liabilities. The derivative liabilities are the conversion feature, conversion price full ratchet reset feature and the redemption option (compound embedded derivative liability). At the date of issuance of the Willow Creek note, compound embedded derivative liabilities were measured at fair value using either quoted market prices of financial instruments with similar characteristics or other valuation techniques. These derivative liabilities will be marked-to-market each quarter with the change in fair value recorded in the statement of operations. The Company uses the effective interest method to record interest expense from the accretion of the debt discount and from the accretion of unamortized discount upon conversion which totaled $240,793 for the nine months ended September 30, 2013. The estimated debt accretion for the remainder of 2013 is $3,407. |
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The following table summarizes the convertible debt activity for the period April 2, 2013 through September 30, 2013: |
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Description | | Willowcreek | | | Compound Derivative Liability | | | Total | | | | | | | |
Fair value issuances at inception | | $ | 244,200 | | | $ | – | | | $ | 244,200 | | | | | | | |
Fair value issuances during 2013 (debt discount) | | | (244,200 | ) | | | 255,000 | | | | 10,800 | | | | | | | |
Change in fair value | | | 240,793 | | | | (104,257 | ) | | | 136,536 | | | | | | | |
Conversions during | | | – | | | | – | | | | – | | | | | | | |
Fair value at September 30, 2013 | | $ | 240,793 | | | $ | 150,743 | | | $ | 391,536 | | | | | | | |
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The Company recorded a net change in fair value of derivative income of $104,257 for the nine months ended September 30, 2013. |
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Vista Capital Convertible Promissory Note |
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On April 4, 2013, the Company entered into a six month convertible promissory note secured debt financing agreement with Vista Capital Investments, LLC, for $60,500, bearing interest at a rate of 12% per annum and maturing October 4, 2013. The note also includes a 10% OID of $5,000 based on the consideration funded, prepaid interest of $5,500. The Company also paid holder an origination fee in the amount of $21,175 in 144 Stock (33,611 shares) at the closing bid price plus of the Company’s Common Stock. The holder may require the Company to convert the outstanding principal balance (including any unpaid interest) into shares of 144 Common Stock at any time after the six months term of the note. The Common Stock issued will be valued using a conversion factor of 80% the average of the lowest two (2) trading prices common shares during the twenty (20) trading day period ending on the latest complete trading day prior to the conversion date. If the average two (2) lowest trading prices is less than $0.33, then the conversion factor will be reduced to 70%. The holder will be entitled to purchase from the Company five year warrants expiring April 4, 2018 to purchase 14,405 shares of ERF Common Stock at an exercise price of $0.80 or the per-share price at which the Common Stock is sold in an underwritten public offering that closes on or before the date that is six (6) months from the issue date, as may be adjusted from time to time pursuant to the terms and conditions of this Warrant. |
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The Vista promissory note was determined to include various embedded derivative liabilities. The derivative liabilities are the conversion feature, conversion price full ratchet reset feature and the redemption option (compound embedded derivative liability). At the date of issuance of the Vista note, compound embedded derivative liabilities were measured at fair value using either quoted market prices of financial instruments with similar characteristics or other valuation techniques. These derivative liabilities will be marked-to-market each quarter with the change in fair value recorded in the statement of operations. The Company uses the effective interest method to record interest expense from the accretion of the debt discount and from the accretion of unamortized discount upon conversion which totaled $57,543 for the nine months ended September 30, 2013. The estimated debt accretion for the remaining 2013 is $3,047. |
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The following table summarizes the convertible debt activity for the period April 4, 2013 through September 30, 2013: |
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Description | | Vista | | | Compound Derivative Liability | | | Total | | | | | | | |
Fair value issuances at inception | | $ | 60,500 | | | $ | – | | | $ | 60,500 | | | | | | | |
Fair value issuances during 2013 (debt discount) | | | (60,500 | ) | | | 70,967 | | | | 10,467 | | | | | | | |
Change in fair value | | | 57,453 | | | | (33,621 | ) | | | 23,832 | | | | | | | |
Conversions during | | | – | | | | – | | | | – | | | | | | | |
Fair value at September 30, 2013 | | $ | 57,453 | | | $ | 37,346 | | | $ | 94,799 | | | | | | | |
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The Company recorded a net change in fair value of derivatives income of $33,621 for the nine months ended September 30, 2013. |
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TCA Global Convertible Promissory Note |
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On June 28, 2013, the Company entered into a twelve month convertible promissory note secured debt financing agreement with TCA Global Credit Master Fund for $1,500,000, bearing interest at a rate of 12% per annum and maturing July 28, 2014. At September 30, 2013, the outstanding principal balance of the TCA Global convertible promissory note totaled $1,262,000. The note also includes $153,300 in commitment fees; due diligence fees; document review fees; service fees; legal; and other expense. The holder may require the Company to convert the outstanding principal balance (including any unpaid interest) into shares of 144 Common Stock at any time during the twelve months term of the note or thereafter. The Common Stock issued will be valued using a conversion factor of 85% the average VWAP trading price during the five (5) trading day period ending on the latest complete trading day prior to the conversion date. |
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The TCA Global promissory note was determined to include various embedded derivative liabilities. The derivative liabilities are the conversion feature and the redemption option (compound embedded derivative liability). At the date of issuance of the TCA Global note, compound embedded derivative liabilities were measured at fair value using either quoted market prices of financial instruments with similar characteristics or other valuation techniques. These derivative liabilities will be marked-to-market each quarter with the change in fair value recorded in the statement of operations. The Company uses the effective interest method to record interest expense from the accretion of the debt discount and from the accretion of unamortized discount upon conversion which totaled $15,764 for the nine months ended September 30, 2013. The estimated debt accretion for subsequent years is $18,261, $69,168 and $35,155 for years ending December 31, 2013, 2014 and 2015, respectively. |
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The following table summarizes the convertible debt activity for the period June 28, 2013 through September 30, 2013: |
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Description | | TCA Global | | | Compound Derivative Liability | | | Total | | | | | | | |
Fair value issuances at inception | | $ | 1,500,000 | | | $ | – | | | $ | 1,500,000 | | | | | | | |
Fair value issuances during 2013 (debt discount) | | | (138,312 | ) | | | 138,312 | | | | – | | | | | | | |
Change in fair value | | | 15,764 | | | | (2,249 | ) | | | 13,515 | | | | | | | |
Conversions during | | | (237,729 | ) | | | – | | | | (237,729 | ) | | | | | | |
Fair value at September 30, 2013 | | $ | 1,139,723 | | | $ | 136,063 | | | $ | 1,275,786 | | | | | | | |
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The Company recorded a net change in fair value of derivatives income of $2,249 for the nine months ended September 30, 2013. |
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Investor Financing |
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On July 13, 2012, the Company entered into a three-month secured debt financing agreement with individuals for $1,000,000 with an interest rate of 12% per annum. Under the agreement, as amended, the maturity date was extended to September 30, 2013. Both parties under the amendment agreed to apply the Dakota Capital Fund payment of $181,235 including interest as a subset to the bridge note incurring an interest rate at .5% interest per day on a 360 day calendar year. At September 30, 2013, the outstanding principal balance totaled $473,000. The Company is in negotiations of extending the investor financing note through fourth quarter 2013. |
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Capital Leases |
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Banc Leasing Inc. Included in property and equipment at September 30, 2013, the cost of the equipment was $610,900 and the accumulated amortization was $463,263. Amortization of assets under capital leases is included in depreciation expense. The equipment is the primary collateral securing the financing. |
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Advantage Leasing Inc. Included in vehicles at September 30, 2013, the cost of the vehicles was $273,443 and the accumulated amortization was $134,307. Amortization of assets under capital leases is included in depreciation expense. The vehicles are the primary collateral securing the financing. |
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Legacy Laser Services Dallas, LLC Included in property and equipment at September 30, 2013, the cost of the equipment was $155,349 and the accumulated amortization was $19,447. Amortization of assets under capital leases is included in depreciation expense. The equipment is the primary collateral securing the financing. |
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The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of September 30, 2013 (in thousands): |
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Year Ending December 31, | | | | | | | | | | | | | | | | | |
2013 | | $ | 86 | | | | | | | | | | | | | | | |
2014 | | | 335 | | | | | | | | | | | | | | | |
2015 | | | 159 | | | | | | | | | | | | | | | |
2016 | | | 63 | | | | | | | | | | | | | | | |
Thereafter | | | – | | | | | | | | | | | | | | | |
Total minimum lease payments | | | 643 | | | | | | | | | | | | | | | |
Less amount representing interest | | | (158 | ) | | | | | | | | | | | | | | |
Present value of net minimum lease payments | | | 485 | | | | | | | | | | | | | | | |
Current maturities of capital lease obligations | | | (252 | ) | | | | | | | | | | | | | | |
Long-term portion of capital lease obligations | | $ | 233 | | | | | | | | | | | | | | | |