Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2015
Debt Disclosure [Abstract]  



The Company entered into a loan agreement evidenced by a convertible secured promissory note with Advanced Technology Materials, Inc. (“ATMI”) on February 14, 2012. The amount of the convertible secured promissory note was $225,000. The entire loan and/or unpaid balance of the loan and accrued interest can be converted into the Company’s common stock at $0.50 per share at any time at the option of the holder. In December 2014, the promissory note and accrued interest was purchased by two shareholders of the Company from ATMI. In January 2015 the convertible promissory note and accrued interest totaling $257,400 was converted into 514,750 shares on common stock in accordance with the terms on the original convertible note.


Debt as of June 30, 2015 and December 31, 2014, was comprised of the following:


    2015   2014
June 2011 Note - In Default   $ 68,000     $ 68,000  
Note payable dated February 2012, interest at 5% per annum, $112,500 is due December 31, 2014, convertible in whole or in part to common stock at $.50 per share. (see Note 11)           225,000  
Note payable insurance premium financing, interest at 4.25% per annum, payable in 10 installments of $27,927, due November 1, 2015     110,700        
Capital lease obligations, secured by certain assets, maturing through March 2019     265,700       130,900  
Total notes payable and capital lease obligations     444,400       423,900  
Less: current portion, including debt discount     (286,800 )     (363,000 )
Notes payable and capital lease obligations, long-term   $ 157,600     $ 60,900