|9 Months Ended|
Sep. 30, 2018
|Debt Disclosure [Abstract]|
NOTE 8. SENIOR DEBT
The Company’s senior credit facility, the (“Facility”) as amended provides financing at the discretion of the lender with an interest rate of 12% paid quarterly in arrears and includes a “payment in kind” (PIK) provision providing a 4% per annum increase in the principal balance monthly. The Facility is due on March 31, 2019 and is secured by all assets of the Company.
During January 2018, the Company received cash of $23 for a note under the terms of the facility and converted $867 in PIK interest and $110 in debt discount into principal, all due March 31, 2019.
During April 2018, the Company borrowed a total of $1,025 under the terms of the Facility, due March 31, 2019. The Company recognized an original issuance discount of $103 and deferred finance costs of $10 on the note.
During September 2018, the Company borrowed a total of $2,188 under the terms of the Facility, due March 31, 2019. The Company recognized an original issuance discount of $239 on the note.
The Company recognized $1,811 and $1,239 in interest expense from the amortization of original issuance discounts and deferred financing costs for the three months ended September 30, 2018 and 2017, respectively, and $3,390 and $2,478 for nine months ended September 30, 2018 and 2017, respectively.
The Company is in compliance with its debt covenants as of September 30, 2018 and December 31, 2017.