Quarterly report pursuant to Section 13 or 15(d)

Senior Debt (Tables)

v3.7.0.1
Senior Debt (Tables)
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
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