Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.19.1
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
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 aggregate maturities of long-term debt
2019     -  
2020     1,000,000  
2021     9,000,000  
2022     -  
2023     -  
Thereafter     -  
      10,000,000  
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.