Annual report pursuant to Section 13 and 15(d)

Term Loan Agreements and Long Term Debt (Tables)

v3.8.0.1
Term Loan Agreements and Long Term Debt (Tables)
12 Months Ended
Dec. 31, 2017
Term Loan Agreements and Long Term Debt  
Schedule of Term Loan Agreements and Long Term Debt

 

 

 

 

 

 

 

 

 

    

December 31,

    

December 31,

    

 

 

2017

 

2016

 

 

 

 

 

 

 

 

 

Term Loan Agreement with MidCap Financial Trust (“MidCap”) for a total of $21,000,000, net of $554,100 of unamortized deferred financing fees at December 31, 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 December 31, 2017 resulted in a 9.36% rate. 

 

$

20,445,900

 

$

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 December 31, 2017 resulted in a 5.86% 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.

 

 

36,930

 

 

57,829

 

 

 

 

 

 

 

 

 

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.

 

 

29,998

 

 

 —

 

 

 

 

 

 

 

 

 

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.

 

 

31,961

 

 

 —

 

Total

 

 

24,544,789

 

 

24,311,667

 

Less current revolving loan

 

 

(4,000,000)

 

 

(4,025,023)

 

Less current maturities of long term debt

 

 

(735,017)

 

 

(20,899)

 

Long-term portion

 

$

19,809,772

 

$

20,265,745

 

 

Schedule of Maturities of Long Term Debt

 

 

 

 

Year Ending December 31

    

Amount

2018

 

$

735,017

2019

 

 

8,427,916

2020

 

 

8,413,817

2021

 

 

3,514,892

2022

 

 

7,247

 

 

 

21,098,889

Less unamortized debt issuance costs

 

 

(554,100)

TOTAL

 

$

20,544,789