| Schedule of Notes Payable |
| |
|
December 31, 2016 |
|
|
December 31, 2015 |
|
|
September 30, 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 48 months. |
|
$ |
1,336,517 |
|
|
$ |
491,000 |
|
|
$ |
383,970 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Senior Secured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
| Senior secured notes issued between October 2011 and January 2012, secured by the assets of the Company, at a stated interest rate of 15%. The senior notes were settled for cash at an approximate rate of $.50 for $1.00. Of the original senior debt balance of $3,550,012, $1,757,731 was paid in cash, resulting in a remaining principal balance of $1,792,281, plus accrued interest payable in the amount of $1,748,380. The remaining principal balance and all of the accrued interest were recognized as a one-time gain of $3,431,533, net of associated costs of $109,124. |
|
|
- |
|
|
|
- |
|
|
|
3,550,012 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other Notes Payable |
|
|
|
|
|
|
|
|
|
|
|
|
| Notes payable bearing interest at a stated rate of 12% and a 4% PIK per annum. Term is for 7 months. |
|
|
5,094,116 |
|
|
|
- |
|
|
|
- |
|
| Less: Deferred financing cost |
|
|
(926,343 |
) |
|
|
- |
|
|
|
- |
|
| Total other note payable, net |
|
|
4,167,773 |
|
|
|
- |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Notes Payable bearing interest at a stated rate between 10% and 12% per annum. Terms range from 1 to 12 months |
|
|
2,000,000 |
|
|
|
709,000 |
|
|
|
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. |
|
|
960,549 |
|
|
|
960,205 |
|
|
|
339,583 |
|
| 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 |
|
|
1,508,758 |
|
|
|
1,298,978 |
|
|
|
884,108 |
|
| Total Notes Payables |
|
|
9,973,597 |
|
|
|
3,459,183 |
|
|
|
5,866,673 |
|
| Less: Current portion |
|
|
(7,611,335 |
) |
|
|
(1,887,120 |
) |
|
|
(1,295,271 |
) |
| Total Notes non-current portion |
|
$ |
2,362,262 |
|
|
$ |
1,572,063 |
|
|
$ |
4,571,402 |
|
|
| 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. |
|
$ |
8,378,512 |
|
|
$ |
8,048,682 |
|
|
$ |
|
|
| Less: Original issue discount |
|
|
(182,242 |
) |
|
|
(400,932 |
) |
|
|
- |
|
| Less: Deferred financing cost |
|
|
(619,830 |
) |
|
|
(801,640 |
) |
|
|
- |
|
| Total Senior Debt, non-current portion |
|
$ |
7,576,440 |
|
|
$ |
6,846,110 |
|
|
$ |
- |
|
|
| Schedule of Principal Payments for All Borrowings |
The required principal payments for all borrowings for each
of the five years following the balance sheet date are as follows:
| 2017 |
|
|
$ |
8,357,143 |
|
| 2018 |
|
|
|
963,176 |
|
| 2019 |
|
|
|
9,341,899 |
|
| 2020 |
|
|
|
512,551 |
|
| 2021 |
|
|
|
238,381 |
|
| Thereafter |
|
|
|
63,614 |
|
| Total |
|
|
$ |
19,476,764 |
|
|