| Notes Payable |
6. NOTES PAYABLE
| |
|
June 30, 2016 |
|
|
December 31, 2015 |
|
| Vendors Notes (Unsecured) |
|
|
|
|
|
|
|
|
| Long term vendor Notes (“Vendor Notes”) issued to settle litigation bearing interest rates between 0% and 6% per annum. Terms range from 1 to 9 months. |
|
$ |
668,552 |
|
|
$ |
491,000 |
|
Other Notes Payable
| Short term Bridge notes bearing interest at a stated rate between 10% and 12% per annum. Terms range from 4 to 6 months. |
|
|
884,000 |
|
|
|
709,000 |
|
Equipment Notes
| Obligations under capital leases, bearing interest rates between 4.1% and 8.2% per annum, secured by equipment having a value that approximates the debt value. Terms range from 48 to 60 months. |
|
|
1,139,862 |
|
|
|
960,205 |
|
| Various Equipment notes, bearing interest rates between 2% and 41% per annum, secured by equipment having a value that approximates the debt value. Terms range from 36 to 72 months. |
|
|
1,474,717 |
|
|
|
1,298,978 |
|
| Total Notes payables |
|
$ |
4,167,131 |
|
|
$ |
3,459,183 |
|
| Less: Current portion |
|
$ |
(1,719,996 |
) |
|
$ |
(1,887,120 |
) |
| Total Notes non-current portion |
|
$ |
2,447,135 |
|
|
$ |
1,572,063 |
|
Senior Debt Disclosure
| On October 29, 2015 the Company entered into a credit agreement, pursuant to which the Company received $8,000,000. The funds were disbursed as follow $6,000,000 and $2,000,000 on October 28, 2015 and November 11, 2015 respectively. The interest rate used is 12% per annum, also required to make 4% PIK payments, which is booked monthly as an increase to the senior debt balance. |
|
$ |
8,211,345 |
|
|
$ |
8,048,682 |
|
| Less: Original issue discount |
|
|
(291,587 |
) |
|
|
(400,932 |
) |
| Less: Deferred financing cost |
|
|
(603,609 |
) |
|
|
(801,640 |
) |
| Total Senior Debt, non-current portion |
|
$ |
7,316,149 |
|
|
$ |
6,846,110 |
|
|