Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT (Tables)

v3.8.0.1
LONG-TERM DEBT (Tables)
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consisted of the following at March 31, 2018 and December 31, 2017:

 

 

 

2018

 

 

2017

 

Breakaway Term Loan

 

$

9,187,500

 

 

$

9,450,000

 

Equipment notes payable

 

 

111,361

 

 

 

124,311

 

Insurance notes payable

 

 

46,294

 

 

 

73,734

 

     Notes payable, gross

 

 

9,345,155

 

 

 

9,648,045

 

Less:

 

 

 

 

 

 

 

 

     Unamortized debt issuance costs

 

 

(447,643

)

 

 

(480,397

)

     Warrants issued

 

 

(544,425

)

 

 

(584,261

)

     Notes payable, net

 

 

8,353,087

 

 

 

8,583,387

 

Less: Current portion

 

 

(1,135,983

)

 

 

(1,163,002

)

     Long-term debt, net

 

$

7,217,104

 

 

$

7,420,385

 

 

Schedule of Future Maturities

As of March 31, 2018, future maturities of our long-term debt obligations are as follows, without giving effect to the NSB Credit Agreement:    

 

Twelve Months ending March 31,

 

Total

 

2019

 

$

1,135,983

 

2020

 

 

1,084,480

 

2021

 

 

1,070,309

 

2022

 

 

6,054,383

 

Total notes payable

 

 

9,345,155

 

Less:

 

 

 

 

Unamortized debt issuance costs

 

 

(447,643

)

Warrants issued

 

 

(544,425

)

Notes payable, net

 

$

8,353,087