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LONG-TERM NOTES PAYABLE
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Dec. 31, 2013
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| Debt Disclosure [Text Block] |
7. LONG-TERM NOTES PAYABLE
On September 15, 2010, Cellectar, Inc. entered into certain loan agreements with the Wisconsin Department of Commerce (“WDOC Notes”) to borrow a total of $450,000. The WDOC Notes bear interest at 2% per annum beginning on the date of disbursement and allow for the deferral of interest and principal payments until April 30, 2015. In the event of default of payment, interest on the delinquent payment is payable at a rate equal to 12% per annum. Monthly payments of $20,665 for principal and interest commence on May 1, 2015 and continue for 23 equal installments with the final installment of any remaining unpaid principal and interest due on April 1, 2017. As of December 31, 2013 and 2012, $450,000 is classified as a long-term note payable in the accompanying balance sheets.
As of December 31, 2013, long-term notes payable mature as follows:
For the years ended December 31, 2013 and 2012, the Company recorded approximately $9,000 in each applicable period of interest expense related to these long-term notes payable.
On February 6, 2014, the Company sold $4,000,000 in aggregate principal of convertible debentures and warrants to purchase 8,000,000 shares of its common stock for an aggregate purchase price of $4,000,000 (see Note 17).
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