Annual report pursuant to Section 13 and 15(d)

5. DEBT (Tables)

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5. DEBT (Tables)
12 Months Ended
Dec. 31, 2015
Oxford Loan  
Summary of loans

Gross proceeds   $ 16,000,000  
Less: debt discount, net        
End of term fee     (1,250,194 )
Warrants     (310,196 )
Financing fees     (192,398 )
Note payable   $ 14,247,212  

Hercules Loan  
Summary of loans

Gross proceeds   $ 15,000,000  
Plus: payment in kind interest     176,245  
      15,176,245  
Less: debt discount, net        
Warrants     (403,979 )
Financing fees     (161,951 )
End of term fee     (42,030 )
Note payable   $ 14,568,285