|12 Months Ended|
Dec. 31, 2016
|Debt Disclosure [Abstract]|
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, 2016 and 2015, principal of $75,000 and $50,000, respectively was repaid in cash. During the years ended December 31, 2016 and 2015 the Company accrued interest expense of $49,877 and $32,127, respectively, on the 8% Notes. As of December 31, 2016 and 2015, principal of $162,500 and $237,500, respectively, and accrued interest of $270,761 and $220,884, 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.
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”). As of December 31, 2015, principal of $50,000 and accrued interest of $34,613, remained outstanding. On January 1, 2016, principal and interest of $50,000 and $25,433, respectively, related to the 12.5% Notes were exchanged for 37,700 shares of the Company’s common stock at $2.00 per share, in connection with a one-time offer that was not pursuant to the original terms of the note. An additional $9,180 of accrued interest related to the 12.5% Notes was derecognized during the first quarter of 2016. As of December 31, 2016, there is no principal or interest outstanding related to the 12.5% Notes.
The Company’s debt obligations consist of the following:
 Accrued interest is included as a component of accrued expenses on the consolidated balance sheets.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://www.xbrl.org/2003/role/presentationRef