CONVERTIBLE AND NON-CONVERTIBLE DEBT OBLIGATIONS |
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| Convertible Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONVERTIBLE AND NON-CONVERTIBLE DEBT OBLIGATIONS [Text Block] |
The Company’s debt obligations consist of the following:
[1] Accrued interest is included as a component of accrued expenses on the consolidated balance sheets. 8% Convertible Notes During an offering that ended on September 30, 2010, IPG issued convertible notes with an interest rate of 8% and an amended maturity date of March 31, 2011 (the “8% Notes”). During the years ended December 31, 2015 and 2014, principal of $50,000 and $221,750, respectively, and accrued interest of $0 and $50,892, respectively, were repaid in cash. As of December 31, 2015 and 2014, principal of $237,500 and $287,500, respectively, and accrued interest of $220,884 and $188,988, respectively, remained outstanding. The notes matured on March 31, 2011 and are no longer convertible. Interest continues to accrue based on the interest rate stated above. 12.5% Convertible Notes During an offering that ended on October 31, 2011, AWLD issued convertible notes with an interest rate of 12.5% and an amended maturity date of August 29, 2012 (the “12.5% Notes”). During 2014, pursuant to certain limited time offers, holders elected to exchange principal and interest of $86,500 and $51,319 into 92,811 shares of Series A Convertible Preferred Stock (“Series A Preferred”). The fair value of the equity securities issued exceeded the value of the extinguished debt by $75,644, which was recorded as a loss on extinguishment. During the years ended December 31, 2015 and 2014, principal of $0 and $4,000, respectively, was repaid in cash. As of December 31, 2015 and 2014, principal of $50,000 and $50,000, respectively and accrued interest of $34,613 and $25,433, respectively, remained outstanding. The notes matured on August 29, 2012 and, are no longer convertible. Interest continues to accrue based on the interest rate stated above. 10% Convertible Notes
During an offering that ended on June 15, 2012, AWLD issued convertible notes with an interest rate of 10% and an amended maturity date of August 29, 2012 (the “10% Notes”). During the year ended December 31, 2014, principal and interest of $503,272 and $292,366, respectively, was repaid in cash. In addition, during 2014, holders elected to exchange principal and interest of $726,381 and $12,708 for 384,161 shares of Series A Preferred pursuant to certain limited time offers. The fair value of the equity securities issued exceeded the value of the extinguished debt by $144,482, which was recorded as a loss on extinguishment. See Note 14 – Related Party Transactions for details associated with the related party components of the above. As of December 31, 2014 there were no principal or interest balances that remained outstanding related to the 10% Notes. |
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