Quarterly report pursuant to Section 13 or 15(d)

Term Loan Agreements and Long Term Debt (Tables)

v3.8.0.1
Term Loan Agreements and Long Term Debt (Tables)
9 Months Ended
Sep. 30, 2017
Term Loan Agreements and Long Term Debt  
Schedule of Term Loan Agreements and Long Term Debt

 

 

 

 

 

 

 

 

 

    

September 30,

    

December 31,

    

 

 

2017

 

2016

 

 

 

 

 

 

 

 

 

Term Loan Agreement with MidCap Financial Trust (“MidCap”) for a total of $21,000,000, net of $663,946 of unamortized deferred financing fees at September 30, 2017, and $771,185 at December 31, 2016. Interest is payable monthly at 8.0% per annum plus the greater of LIBOR or 0.5% which as of September 30, 2017 resulted in a 8.5% rate. 

 

$

20,336,054

 

$

20,228,815

 

 

 

 

 

 

 

 

 

Revolving Loan Agreement with MidCap for up to $10,000,000 with borrowings based upon eligible accounts receivable and inventory. Interest is payable monthly at 4.5% per annum plus the greater of LIBOR or 0.5% which as of September 30, 2017 resulted in a 5.0% rate.

 

 

4,000,000

 

 

4,025,023

 

 

 

 

 

 

 

 

 

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 33 equal payments of principal and interest until the end of the term.  Interest on the lease is payable monthly at 3.5% per annum.

 

 

42,240

 

 

57,829

 

Total

 

 

24,378,294

 

 

24,311,667

 

Less current revolving loan

 

 

(4,000,000)

 

 

(4,025,023)

 

Less current maturities of long term debt

 

 

(21,596)

 

 

(20,899)

 

Long-term portion

 

$

20,356,698

 

$

20,265,745

 

 

Schedule of Maturities of Long Term Debt

 

 

 

Year Ending December 31

Amount

2017

$

5,310

2018

 

1,421,834

2019

 

8,415,096

2020

 

8,400,000

2021

 

2,800,000

 

 

21,042,240

Less unamortized debt issuance costs

 

(663,946)

TOTAL

$

20,378,294