CONVERTIBLE NOTES PAYABLE |
6 Months Ended | ||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||
| Notes to Financial Statements | |||||||||||||||||||||
| CONVERTIBLE NOTES PAYABLE |
On September 21, 2011 the Company completed the mandatory Redemption of its $61.4 million in principal amount of 10.75% Convertible Senior Notes due 2013, pursuant to the Amended and Restated Indenture, dated as of March 4, 2011, between the Company and The Bank of New York Mellon, as trustee. Pursuant to the Amended and Restated Indenture, the Redemption was triggered by the closing of the Sale. The total amount paid in connection with the Redemption was $62,646,557, representing 100% of the Senior Notes’ outstanding principal amount, plus all accrued and unpaid interest thereon through the date of the Redemption. All of the Company’s obligations arising under the Amended and Restated Indenture, which governed the terms of the Senior Notes, were satisfied and discharged as of September 21, 2011.
As of September 30, 2011 and March 31, 2011, the Senior Notes payable amount is presented as follows:
As of September 30, 2011 and March 31, 2011, the Company has accrued interest of $0 and $1,430,108, respectively, relating to the outstanding Senior Notes outstanding. The Company has amortized the discount on the Senior Notes (difference between the redemption amount and the carrying amount as of the date of issue) in the amount of $0 and $1,703,728 as of September 30, 2011 and March 31, 2011, respectively. The carrying value of Senior Notes was accreted to the redemption value of $65,824,673. During the six months ended September 30, 2011 and September 30, 2010 the Company recorded interest expense in the amount of $3,551,022 and $2,203,132, respectively. |