Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.8.0.1
LONG-TERM DEBT (Tables)
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consisted of the following at December 31, 2017 and 2016:

 

 

 

2017

 

 

2016

 

Term loan

 

$

9,450,000

 

 

$

10,500,000

 

Notes payable, related party

 

 

 

 

 

509,135

 

Equipment notes payable

 

 

124,311

 

 

 

162,274

 

Insurance notes payable

 

 

73,734

 

 

 

36,063

 

Notes payable, gross

 

 

9,648,045

 

 

 

11,207,472

 

Less:

 

 

 

 

 

 

 

 

Unamortized debt issuance costs

 

 

(480,397

)

 

 

(595,462

)

Warrants issued

 

 

(584,261

)

 

 

(743,604

)

Notes payable, net

 

 

8,583,387

 

 

 

9,868,406

 

Less: Current portion

 

 

(1,163,002

)

 

 

(1,199,255

)

Long-term debt, net

 

$

7,420,385

 

 

$

8,669,151

 

 

Schedule of Maturities

Maturities of our notes payable as of December 31, 2017 are as follows:

 

December 31,

 

Total

 

2018

 

$

1,163,002

 

2019

 

 

1,090,553

 

2020

 

 

1,072,033

 

2021

 

 

6,322,457

 

Total notes payable

 

 

9,648,045

 

Less:

 

 

 

 

Unamortized debt issuance costs

 

 

(480,397

)

Warrants issued

 

 

(584,261

)

Notes payable, net

 

$

8,583,387