Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT (Tables)

v3.8.0.1
LONG-TERM DEBT (Tables)
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consisted of the following at September 30, 2017 and December 31, 2016:

 

 

 

2017

 

 

2016

 

Term loan

 

$

9,712,500

 

 

$

10,500,000

 

Notes payable, related party

 

 

 

 

 

509,135

 

Equipment notes payable

 

 

133,935

 

 

 

162,274

 

Insurance notes payable

 

 

 

 

 

36,063

 

     Notes payable, gross

 

 

9,846,435

 

 

 

11,207,472

 

Less:

 

 

 

 

 

 

 

 

     Unamortized debt issuance costs

 

 

(513,151

)

 

 

(595,462

)

     Warrants issued

 

 

(624,097

)

 

 

(743,604

)

     Notes payable, net

 

 

8,709,187

 

 

 

9,868,406

 

Less: Current portion

 

 

(1,088,957

)

 

 

(1,199,255

)

     Long-term debt, net

 

$

7,620,230

 

 

$

8,669,151

 

 

Schedule of Maturities

As of September 30, 2017, maturities of our long-term debt obligations are as follows:

 

September 30,

 

Total

 

2018

 

$

1,088,957

 

2019

 

 

1,090,223

 

2020

 

 

1,076,750

 

2021

 

 

6,584,849

 

2022

 

 

5,656

 

Total notes payable

 

 

9,846,435

 

Less:

 

 

 

 

Unamortized debt issuance costs

 

 

(513,151

)

Warrants issued

 

 

(624,097

)

Notes payable, net

 

$

8,709,187