Annual report pursuant to Section 13 and 15(d)

7. NOTES PAYABLE (Tables)

v3.19.1
7. NOTES PAYABLE (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Summary of outstanding senior notes payable
    December 31, 2018   December 31, 2017
         
Notes payable:   $ 30,000,000     $ 30,000,000  
Less:                
Debt discount     (3,559,170 )     (4,631,542 )
Senior notes payable   $ 26,440,830     $ 25,368,458  
Reconciliation of cash, cash equivalents and restricted cash
    December 31, 2018   December 31, 2017
Cash and cash equivalents   $ 22,754,852     $ 43,107,574  
Restricted cash included in current assets     —         1,500,000  
Restricted cash included in long-term assets     4,000,000       4,000,000  
Total cash, cash equivalents and restricted cash as shown in the consolidated statements of cash flows   $ 26,754,852     $ 48,607,574  
Discount on the Tranche One Note
Facility fee   $ 2,760,000  
Deferred financing fees     1,475,330  
Tranche One Warrants     614,513  
Total debt discount at Marathon Closing Date   $ 4,849,843  
Summary of the outstanding related party note payable
    December 31, 2018   December 31, 2017
Related party note payable to Biotest   $ 15,000,000     $ 15,000,000  
Less:                
Debt discount     (125,816 )     (157,604 )
Note payable - related party   $ 14,874,184     $ 14,842,396