| Schedule of Term Loan Agreement and Long Term Debt |
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September 30,
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December 31,
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2018
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2017
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Term Loan Agreement with MidCap Financial Trust (“MidCap”) for a total of $21,000,000, net of $554,100 unamortized deferred financing fees at December 31, 2017. Interest was payable monthly at 8.0% per annum plus the greater of LIBOR or 0.5%. As of September 30, 2018, the Term Loan was paid in full.
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$
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—
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$
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20,445,900
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Revolving Loan Agreement with MidCap for up to $10,000,000 with borrowings based upon eligible accounts receivable and inventory. Interest was payable monthly at 4.5% per annum plus the greater of LIBOR or 0.5%. As of September 30, 2018, the Revolving Loan was paid in full.
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—
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4,000,000
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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 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.
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20,644
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36,930
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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.
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25,192
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29,998
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Equipment Lease Agreement with B&B Office Systems for a total lease amount of $31,961 which has a 60 month term with equal payments for principal and interest until the end of the term. Interest on the lease is payable monthly at 8.5% per annum.
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28,440
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31,961
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Total
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74,276
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24,544,789
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Less current revolving loan
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—
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(4,000,000)
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Less current maturities of long term debt
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(35,962)
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(735,017)
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Long-term portion
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$
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38,314
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$
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19,809,772
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