Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v2.4.1.9
Notes Payable (Tables)
 3 Months Ended
Mar. 31, 2015
Notes Payable  
Schedule of Notes payable

 

 

 

March 31,
2015
(unaudited)

 

December 31,
2014

 

 

 

 

 

 

 

Term Loan and Revenue Interest Agreement with Three Peaks Capital S.a.r.l. (“Three Peaks”) for a total term loan amount of $25,000,000 which has a six year term and requires interest only payments and a final principal payment due at the end of the term. Interest is payable quarterly at 9.00% per annum plus the greater of LIBOR or 1.0% which as of March 31, 2015 and December 31, 2014 resulted in a 10% rate. The Revenue Interest Agreement is for a period of ten years. Royalty payments are base on a royalty rate of 3.75% of revenues up to a maximum of $30 million in revenues in any 12 month period.

 

$
25,269,050 

 

$
25,085,777 

 

Long-term Notes Payable

 

$
25,269,050 

 

$
25,085,777