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LONG-TERM NOTES PAYABLE
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Dec. 31, 2014
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||
| Notes Payable 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 (the “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, 2014, notes payable mature as follows:
The Company recorded interest expense related to these notes of approximately $17,000 and $9,000 for the years ended December 31, 2014 and 2013, respectively.
On February 6, 2014, the Company sold $4,000,000 in aggregate principal of convertible debentures and warrants to purchase 400,000 shares of its common stock for an aggregate purchase price of $4,000,000. The debentures and warrants were extinguished through the holders’ participation in the public offering completed by the Company in August 2014 (see Note 8).
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