Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

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Notes Payable (Tables)
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Schedule of 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