| Notes Payable |
6. NOTES PAYABLE
| |
|
March 31, 2017 |
|
|
December 31, 2016 |
|
| 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.
|
|
$ |
1,231,100 |
|
|
|
1,336,517 |
|
| |
|
|
|
|
|
|
|
|
| Other Notes Payable |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Notes were refinanced in conjunction with the senior debt and Benchmark acquisition. |
|
|
5,894,619 |
|
|
|
5,094,116 |
|
| Less deferred financing costs |
|
|
(723,586 |
) |
|
|
(926,343 |
) |
| Total other note payable, net |
|
|
5,171,033 |
|
|
|
4,167,773 |
|
| |
|
|
|
|
|
|
|
|
| Notes payable bearing interest at a stated rate between 10% and 12% per annum. Terms range from 1 to 12 months. |
|
|
4,078,276 |
|
|
|
2,000,000 |
|
| Less: Original Issue Discount |
|
|
(57,500 |
) |
|
|
- |
|
| Total Notes Payable |
|
$ |
4,020,776 |
|
|
$ |
2,000,000 |
|
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. |
|
|
868,680 |
|
|
|
960,549 |
|
| 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. |
|
|
1,439,308 |
|
|
|
1,508,758 |
|
| Total Notes payables |
|
$ |
12,730,897 |
|
|
$ |
9,973,597 |
|
| Less: Current portion |
|
$ |
(5,430,565 |
) |
|
$ |
(3,443,562 |
) |
| Total Notes non-current portion |
|
$ |
7,300,332 |
|
|
$ |
6,530,035 |
|
|