| Schedule of long-term debt |
| |
|
December 31,
2018 |
|
|
December 31,
2017 |
|
| Marathon Tranche I Loan, due December 31, 2021, interest only quarterly payments, variable interest rate of 10.4% as of December 31, 2018 (discount is based on warrant valuation of approximately 9.7%) |
|
$ |
10,000,000 |
|
|
$ |
- |
|
| Marathon Credit Agreement unamortized discount and issuance costs |
|
|
(1,687,921 |
) |
|
|
- |
|
| Net Marathon Credit Agreement |
|
|
8,312,079 |
|
|
|
|
|
| Senior Secured Notes, due July 6, 2018 (discount is based on imputed interest rate of 26%) |
|
|
- |
|
|
|
5,750,000 |
|
| Less: unamortized discount and debt issuance costs on Senior Secured Notes |
|
|
- |
|
|
|
(987,500 |
) |
| Net Senior Secured Notes |
|
|
- |
|
|
|
4,762,500 |
|
| Secured mortgage payable, due November 2026, to Bank for 100 Commerce Drive building, interest rate 6.5%, due in monthly installments of $11,951, inclusive of principal and interest |
|
|
- |
|
|
|
1,741,378 |
|
| Note payable, former building owner interest payment only due in monthly installments of $1,604 interest at 5.5%. A balloon payment of $350,000 plus unpaid interest due August 2018. |
|
|
- |
|
|
|
350,000 |
|
| |
|
|
8,312,079 |
|
|
|
6,853,878 |
|
| Less current portion |
|
|
- |
|
|
|
5,143,997 |
|
| Long-term debt |
|
$ |
8,312,079 |
|
|
$ |
1,709,881 |
|
|
| Schedule of issue additional warrants |
| Principal amounts: |
|
At December 31,
2018 |
|
| Principal |
|
$ |
10,000,000 |
|
| Unamortized debt discount and issuance costs (1) |
|
|
(1,687,921 |
) |
| Net debt carrying amount |
|
$ |
8,312,079 |
|
| Carrying amount of warrant the liability component (2) |
|
$ |
965,747 |
|
| |
(1) |
Includes the unamortized
portion of the initial warrant liability of $965,747 and issuance costs of $722,174. |
| |
(2) |
Includes marked
to market liability of initial Marathon warrant liability. |
|