Quarterly report pursuant to Section 13 or 15(d)

Term Loan Agreement (Tables)

v3.5.0.2
Term Loan Agreement (Tables)
 9 Months Ended
Sep. 30, 2016
Term Loan Agreement  
Schedule of Term Loan Agreement

 

 

 

 

 

 

 

 

 

    

September 30,

    

December 31,

    

 

 

2016

 

2015

 

Term Loan and Revenue Interest Agreement with Three Peaks Capital S.a.r.l. for a total term loan amount of $25,000,000 which has a six year term and requires interest only payments and a final principal payment due at the end of the term. Interest is payable quarterly at 9.00% per annum plus the greater of LIBOR or 1.0% which as of September 30, 2016 and December 31, 2015 resulted in a 10% rate. The Revenue Interest Agreement is for a period of ten years. Royalty payments are based on a royalty rate of 3.75% of revenues up to a maximum of $30 million in revenues in any 12 month period.

 

$
24,996,070

 

$
24,701,693

 

Long-term portion

 

$
24,996,070

 

$
24,701,693