| Long Term Debt |
Long-term debt consists of the following:
| |
|
|
|
|
|
|
|
|
| |
|
September 30,
2012
(unaudited) |
|
|
December 31,
2011 |
|
| Loan and Security Agreement with financial institutions for aggregate of $5,000,000 with 9.9% interest payable monthly through September 2012; principal and interest payable monthly
for the 30 months thereafter maturing on April 1, 2015, collateralized by all the assets of the Company and subject to certain financial covenant restrictions including minimum revenue or cash requirements. Amount was paid in full in October
2012. |
|
$ |
5,000,000 |
|
|
$ |
5,000,000 |
|
| |
|
|
| Interim Revenue Interest Purchase Agreement with PDL for aggregate of $1,750,000 with interest payable monthly of 3% based on the Net Revenues through December 2012; and during the
period from January 1, 2013 to August 31, 2014, the greater of 5% of the Company’s Net Revenues or $112,257 per month |
|
|
1,750,000 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
Total Debt
|
|
|
6,750,000 |
|
|
|
5,000,000 |
|
|
Less unamortized debt discount
|
|
|
(124,723 |
) |
|
|
(161,529 |
) |
|
Less current portion
|
|
|
(1,885,972 |
) |
|
|
(434,734 |
) |
| |
|
|
|
|
|
|
|
|
|
Long-term portion
|
|
$ |
4,739,305 |
|
|
$ |
4,403,737 |
|
| |
|
|
|
|
|
|
|
|
|