Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE (Tables)

v3.7.0.1
NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Schedule of Notes Payable

Notes payable consisted of the following at December 31, 2016 and 2015:

 

 

 

2016

 

 

2015

 

Term loan

 

$

10,500,000

 

 

$

—

 

Note payable, unrelated party

 

 

—

 

 

 

11,577,858

 

Notes payable, related party

 

 

509,135

 

 

 

1,079,083

 

Equipment notes payable

 

 

162,274

 

 

 

70,664

 

Insurance note payable

 

 

36,063

 

 

 

—

 

Notes payable, gross

 

 

11,207,472

 

 

 

12,727,605

 

Less:

 

 

 

 

 

 

 

 

Unamortized debt issuance costs

 

 

(595,462

)

 

 

—

 

Warrants issued

 

 

(743,604

)

 

 

—

 

Unamortized debt discount

 

 

—

 

 

 

(643,314

)

Notes payable, net

 

 

9,868,406

 

 

 

12,084,291

 

Less: Current portion

 

 

(1,199,255

)

 

 

(4,648,120

)

Long-term debt, net

 

$

8,669,151

 

 

$

7,436,171

 

 
Schedule of Maturities

Maturities of our notes payable as of December 31, 2016 are as follows:

 

December 31,

 

Total

 

2017

 

$

1,199,255

 

2018

 

 

1,523,174

 

2019

 

 

1,090,553

 

2020

 

 

1,072,034

 

2021

 

 

6,322,456

 

Total notes payable

 

 

11,207,472

 

Less:

 

 

 

 

Unamortized debt issuance costs

 

 

(595,462

)

Warrants issued

 

 

(743,604

)

Notes payable, net

 

$

9,868,406