As of October 21, 2016 a total principal amount of $12,979,510 of the 2015 Notes has been permanently converted into shares of common stock and a principal amount of $4,358,052 has been converted that is subject to deferrals. $4,762,438 principal remains to be converted, subject to deferrals. A total of $14.8 million of the proceeds from the 2015 Notes has been released to the Company including $4.6 million at closing and $10.2 million from the restricted cash accounts. $3.6 million remains in the restricted accounts to be released to the Company on November 1, 2016 per the terms of the exchange agreement dated October 2, 2016.
The Company previously filed an 8-K on October 14, 2016 and reported 45,043,585 shares outstanding therefore as of October 21, 2016 there are 71,703,092 shares of common stock issued and outstanding.
