| 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. |
|
$ |
8,462,577 |
|
|
|
8,378,512 |
|
| Less: Original issue discount |
|
|
(127,569 |
) |
|
|
(182,242 |
) |
| Less: Deferred financing cost |
|
|
(3,253,374
|
) |
|
|
(619,830 |
) |
| Total Senior Debt, non-current portion |
|
$ |
5,081,634 |
|
|
|
7,576,440 |
|
|