| Schedule of Term Loan Agreements and Long Term Debt |
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Term Loan Agreement with MidCap Financial Trust (“MidCap”) for a total of $21,000,000, net of $493,437 of unamortized deferred financing fees at March 31, 2018, and $554,100 at December 31, 2017. Interest is payable monthly at 8.0% per annum plus the greater of LIBOR or 0.5% which as of March 31, 2018 resulted in a 9.66% rate.
|
|
$
|
20,506,563
|
|
$
|
20,445,900
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, 2018 resulted in a 6.16% rate.
|
|
|
3,983,189
|
|
|
4,000,000
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
35,147
|
|
|
36,930
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Lease Agreement with Raymond Leasing Corporation for a total lease amount of $29,998 which has a 48 month term with equal payments for principal and interest until the end of the term. Interest on the lease is payable monthly at 6.7% per annum.
|
|
|
29,476
|
|
|
29,998
|
|
|
|
|
|
|
|
|
|
|
|
Equipment Lease Agreement with B&B Office Systems for a total lease amount of $31,961 which has a 60 month term with equal payments for principal and interest until the end of the term. Interest on the lease is payable monthly at 8.5% per annum.
|
|
|
31,099
|
|
|
31,961
|
|
|
Total
|
|
|
24,585,474
|
|
|
24,544,789
|
|
|
Less current revolving loan
|
|
|
(3,983,189)
|
|
|
(4,000,000)
|
|
|
Less current maturities of long term debt
|
|
|
(2,841,378)
|
|
|
(735,017)
|
|
|
Long-term portion
|
|
$
|
17,760,907
|
|
$
|
19,809,772
|
|
|
| Schedule of Maturities of Long Term Debt |
|
|
|
|
|
Year Ending December 31,
|
Amount
|
|
2018 (nine months remaining)
|
$
|
731,850
|
|
2019
|
|
8,427,916
|
|
2020
|
|
8,413,817
|
|
2021
|
|
3,514,892
|
|
2022
|
|
7,247
|
|
|
|
21,095,722
|
|
Less unamortized debt issuance costs
|
|
(493,437)
|
|
TOTAL
|
$
|
20,602,285
|
|