Quarterly report pursuant to Section 13 or 15(d)

Senior Debt (Tables)

v3.5.0.2
Senior Debt (Tables)
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Senior Debt

Senior Debt Disclosure

 

On October 28, 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.   $ 8,295,282     $ 8,048,682  
Less: Original issue discount     (236,914 )     (400,932 )
Less: Deferred financing cost     (814,294 )     (801,640 )
Total Senior Debt, non-current portion   $ 7,244,074     $ 6,846,110