|
Long-term debt consists of the following:
| |
|
|
|
|
|
|
|
|
| |
|
June 30,
2012
(unaudited)
|
|
|
December 31,
2011 |
|
|
Loan and Security Agreement with financial institutions for aggregate of $5,000,000 with 9.9% interest payable monthly through
September 2012; principal and interest payable monthly for the 30 months thereafter maturing on April 1, 2015, collateralized by all the assets of the Company and subject to certain financial covenant restrictions including minimum revenue or
cash requirements
|
|
$ |
5,000,000 |
|
|
$ |
5,000,000 |
|
|
Less unamortized debt discount
|
|
|
(137,023 |
) |
|
|
(161,529 |
) |
|
Less current portion
|
|
|
(1,402,226 |
) |
|
|
(434,734 |
) |
| |
|
|
|
|
|
|
|
|
|
Long-term portion
|
|
$ |
3,460,751 |
|
|
$ |
4,403,737 |
|
| |
|
|
|
|
|
|
|
|
|