| Schedule of Term Loan Agreements and Long Term Debt |
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December 31,
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December 31,
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2016
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2015
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Term Loan Agreement and Revenue Interest Agreement with Three Peaks Capital S.a.r.l., net of $845,727 of deferred financing fees at December 31, 2015, for a total term loan amount of $25,000,000 which had a six year term and required interest only payments and a final principal payment due at the end of the term. Interest was payable quarterly at 9.00% per annum plus the greater of LIBOR or 1.0% which as of September 30, 2016 and December 31, 2015 resulted in a 10% rate. The Revenue Interest Agreement was for a period of ten years. Royalty payments were based on a royalty rate of 3.75% of revenues up to a maximum of $30 million in revenues in any 12 month period. On October 26, 2016, the Three Peaks Term Loan Agreement and Revenue Interest Agreement were paid in full and the Company had no further obligations pursuant to such agreements.
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$
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—
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$
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24,701,693
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Term Loan Agreement with MidCap Financial for a total of $21,000,000, net of $771,185 of deferred financing fees at December 31, 2016, which has a fifty four month term and requires interest only payments for the first twenty four months, and thereafter, thirty monthly payments of principal and interest until the end of the term. Interest is payable monthly at 8.00% per annum plus the greater of LIBOR or 0.5% which as of December 31, 2016 resulted in a 8.5% rate. In addition to the interest charged on the Term Loan, the Company is also obligated to pay certain fees, including an annual agency fee of 0.25% of the aggregate principal amount of the Term Loan.
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20,228,815
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—
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Revolving Loan Agreement with MidCap Financial for up to $10,000,000 with borrowings based upon eligible accounts receivable and inventory. Interest is payable monthly at 4.50% per annum plus the greater of LIBOR or 0.5% which as of December 31, 2016 resulted in a 5.0% rate. In addition to the interest charged on the Revolving Loan, the Company is also obligated to pay certain fees, including a collateral management fee of 0.5% of the principal amount outstanding on the Revolving Loan and an unused line fee of 0.5% per annum on the difference between the average amount outstanding on the Revolving Loan minus the total amount of the Revolving Loan commitment.
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4,025,023
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—
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Equipment Lease Agreement with Cisco Capital for a total lease amount of $58,875 which has a 36 month term and requires no lease payments for the first three months of the lease and thirty three equal payments of principal and interest until the end of the term. Interest on the lease is payable monthly at 3.50% per annum.
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57,829
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—
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Total
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24,311,667
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24,701,693
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Less current revolving loan
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(4,025,023)
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—
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Less current maturities of long term debt
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(20,899)
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—
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Long-term portion
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$
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20,265,745
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$
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24,701,693
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| Schedule of Maturities of Long Term Debt |
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Year Ending December 31
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Amount
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2017
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$
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20,899
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2018
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1,421,834
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2019
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8,415,096
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2020
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8,400,000
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2021
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2,800,000
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21,057,829
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Less unamortized debt issuance costs
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(771,185)
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TOTAL
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$
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20,286,644
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