Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

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Notes Payable
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Notes Payable

7. NOTES PAYABLE

 

    September 30, 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.   $ 5,555       1,337  
                 
Other Notes Payable                
                 
Notes refinanced in conjunction with the senior debt     -       5,094  
Less deferred financing costs     -       (926 )
Total other notes payable, net     -       4,168  
                 
Notes payable bearing interest at a stated rate between 10% and 12% per annum. Terms range from 1 to 12 months.     3,110       2,000  
                 
Unsecured Notes Issued in Connection with Benchmark Acquisition                
Series A Convertible Notes     12,500       -  
Series B Notes     30,000       -  
Series C Notes     7,500       -  
Total notes issued in connection with Benchmark acquisition     50,000       -  

 

Equipment Notes            
             
Obligations under 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.     740       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.     1,516       1,508  
Total Notes payables   $ 60,921     $ 9,974  
Less: Current portion   $ (14,022 )   $ (3,444 )
Total Notes non-current portion   $ 46,899     $ 6,530  

 

During the nine months ended September 30, 2017, the Company issued in Series A convertible promissory notes, in the aggregate principal amount of $12,500 to certain stockholders of Benchmark, which mature on April 20, 2019. Interest is computed at the rate of five percent per annum on the outstanding principal. Interest expense and accrued interest expense was approximately $278 for the nine months ended September 30, 2017. This Note shall be convertible into conversion shares, at the holder’s option, upon an event of default at a conversion price per share of $11.88. 

 

During the nine months ended September 30, 2017, the Company issued in Series B Notes in the aggregate principal amount of $30,000 to certain stockholders of Benchmark which mature on April 20, 2020. Interest is computed at the rate of three percent per annum on the outstanding principal. Interest expense and accrued interest expense was approximately $400 for the nine months ended September 30, 2017.

 

During the nine months ended September 30, 2017, the Company issued in Series C Notes in the aggregate principal amount of $7,500 to certain stockholders of Benchmark which mature on October 20, 2018. Interest is computed at the rate of three percent per annum on the outstanding principal. Interest expense and accrued interest expense was approximately $98 for the nine months ended September 30, 2017.

 

The required principal payments for all borrowings for each of the five years following the balance sheet date are as follows:

 

2017 (Remaining)   $ 762  
2018     43,769  
2019     15,333  
2020     532  
2021     365  
Thereafter     160  
Total   $ 60,921