Quarterly report pursuant to Section 13 or 15(d)

Term Loan Agreements and Long Term Debt (Tables)

v3.10.0.1
Term Loan Agreements and Long Term Debt (Tables)
9 Months Ended
Sep. 30, 2018
Term Loan Agreements and Long-Term Debt  
Schedule of Term Loan Agreement and Long Term Debt

 

 

 

 

 

 

 

 

 

    

September 30,

    

December 31,

    

 

 

2018

 

2017

 

 

 

 

 

 

 

 

 

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.

 

$

 —

 

$

20,445,900

 

 

 

 

 

 

 

 

 

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.

 

 

 —

 

 

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.

 

 

20,644

 

 

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.

 

 

25,192

 

 

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.

 

 

28,440

 

 

31,961

 

Total

 

 

74,276

 

 

24,544,789

 

Less current revolving loan

 

 

 —

 

 

(4,000,000)

 

Less current maturities of long term debt

 

 

(35,962)

 

 

(735,017)

 

Long-term portion

 

$

38,314

 

$

19,809,772

 

 

Schedule of annual maturities of long -term debt

 

 

 

Year Ending December 31,

Amount

2018 (three months remaining)

$

10,404

2019

 

27,916

2020

 

13,817

2021

 

14,892

2022

 

7,247

TOTAL

$

74,276