| Debt |
NOTE 8: DEBT
Outstanding promissory notes, merchant account
agreements and other notes payable consisted of the following:
| |
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| Vendor notes issued to settle litigation, bearing interest rates between 0% and 6% per annum, terms range from 1 to 48 months. |
|
$ |
890 |
|
|
$ |
1,337 |
|
| |
|
|
|
|
|
|
|
|
| Short-term agreements, due between one and six months |
|
|
7,315 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Notes refinanced in conjunction with senior debt |
|
|
- |
|
|
|
5,094 |
|
| |
|
|
|
|
|
|
|
|
| Short-term notes payable bearing interest at stated rates between 4% and 12% per annum. Terms range from 3 to 36 months |
|
|
5,214 |
|
|
|
2,000 |
|
| |
|
|
|
|
|
|
|
|
| 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. |
|
|
695 |
|
|
|
961 |
|
| |
|
|
|
|
|
|
|
|
| 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 30 to 72 months |
|
|
1,507 |
|
|
|
1,508 |
|
| |
|
|
|
|
|
|
|
|
| Total Notes Payables |
|
|
15,621 |
|
|
|
10,900 |
|
| Less: Original issue discount and deferred financing costs |
|
|
(3,138 |
) |
|
|
(926 |
) |
| Notes payable, net of original issue discount and deferred financing costs |
|
|
12,483 |
|
|
|
9,974 |
|
| Less: Current portion |
|
|
(10,488 |
) |
|
|
(3,444 |
) |
| Total Notes non-current portion |
|
$ |
1,995 |
|
|
$ |
6,530 |
|
During the year ended December 31, 2017, the
Company borrowed an aggregate of $6,877, net of original issue discounts of $546 and deferred financing costs of $115, under 29
promissory notes payable. The promissory notes payable are unsecured, bear interest between 4% and 12% per annum and mature between
September 2017 and August 2020. During the year ended December 31, 2017, the Company repaid a total of $1,453 in cash and issued
an aggregate of 3,652,640 shares of common shares for the conversion of $937 in promissory note principal and accrued interest.
As of December 31, 2017, the Company has outstanding promissory notes payable of $4,824, net of unamortized discounts of $62 and
deferred financing costs of $17.
The required principal payments for all borrowings
for each of the five years following the balance sheet date are as follows:
| 2018 |
|
$ |
13,590 |
|
| 2019 |
|
|
774 |
|
| 2020 |
|
|
662 |
|
| 2021 |
|
|
366 |
|
| 2022 |
|
|
177 |
|
| Thereafter |
|
|
52 |
|
| Total |
|
$ |
15,621 |
|
|