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Long-Term Debt and Capital Lease Obligations (Tables)
12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Summary of Long-Term Debt and Capital Lease Obligations

At December 31, 2014 and 2013, total long-term debt and capital lease obligations outstanding consisted of the following:

 

 

 

As of December 31,

 

 

 

2014

 

 

2013

 

Secured convertible notes payable to related parties, 7%

   interest due monthly in arrears, due July 2016,

   repayment provisions discussed further below

   (Net of discount of $4,656,934 as of December 31, 2013)

 

$

 

 

$

17,343,066

 

 

 

 

 

 

 

 

 

 

Capital lease obligations, imputed interest of 2.65% to 4.75%,

   with monthly payments of $2,041 and $1,507, respectively,

  through June 2017, secured by computer equipment

 

 

47,250

 

 

 

49,163

 

 

 

 

 

 

 

 

 

 

Total

 

 

47,250

 

 

 

17,392,229

 

Less: current maturities

 

 

(22,853

)

 

 

(16,096

)

Long-term portion

 

$

24,397

 

 

$

17,376,133

 

 

Summary of Future Maturities of Capital Lease Obligations

Capital Leases - Our capital leases are included within “Deferred revenue and other current liabilities” and “Other long-term liabilities” in our consolidated balance sheets.  The amount of interest expense related to our capital leases for the years ended December 31, 2014 and 2013 was $2,406 and $200, respectively.  The following table summarizes future maturities of our capital lease obligations, as of December 31, 2014:

 

Year Ending December 31,

 

Amount

 

2015

 

$

22,853

 

2016

 

 

22,317

 

2017

 

 

2,080

 

 

 

 

 

 

Subtotal

 

 

47,250

 

Less: current maturities

 

 

(22,853

)

Total

 

$

24,397