Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT (Tables)

v3.5.0.2
LONG-TERM DEBT (Tables)
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consisted of the following at:

 

 

 

September 30,

2016

 

 

December 31,

2015

 

Term loan

 

$

10,500,000

 

 

$

 

Note payable, unrelated party

 

 

 

 

 

11,577,858

 

Notes payable, related party

 

 

527,102

 

 

 

1,079,083

 

Equipment notes payable

 

 

58,402

 

 

 

70,664

 

 

 

 

11,085,504

 

 

 

12,727,605

 

Less:

 

 

 

 

 

 

 

 

Unamortized debt issuance costs

 

 

(369,236

)

 

 

 

Warrants issued

 

 

(809,632

)

 

 

 

Debt discount

 

 

 

 

 

(643,314

)

 

 

 

9,906,636

 

 

 

12,084,291

 

Less: Current portion

 

 

(878,401

)

 

 

(4,648,120

)

 

 

$

9,028,235

 

 

$

7,436,171

 

 

Schedule of Maturities

As of September 30, 2016, maturities of our long-term debt obligations are as follows:

 

Twelve months ending

September 30,

 

Total

 

2017

 

$

878,401

 

2018

 

 

1,147,294

 

2019

 

 

1,442,486

 

2020

 

 

1,054,823

 

2021

 

 

6,562,500

 

Total notes payable

 

 

11,085,504

 

Less:

 

 

 

 

Unamortized debt issuance costs

 

 

(369,236

)

Warrants issued

 

 

(809,632

)

Notes payable, net

 

$

9,906,636