| Schedule of long-term debt |
| |
|
March 31,
2019 |
|
|
December 31,
2018 |
|
| Marathon Tranche One Loan, due December 31, 2021, interest only quarterly payments, variable interest
rate of 10.4% as of March 31, 2019 (discount is based on warrant valuation of approximately 9.7%) |
|
$ |
10,000,000 |
|
|
$ |
10,000,000 |
|
| Marathon Tranche Two Loan, due December 31, 2021, interest only quarterly payments, variable interest
rate of 10.4% as of March 31, 2019 (discount is based on warrant valuation of approximately 9.7%) |
|
|
4,104,140 |
|
|
|
- |
|
| Marathon Credit Agreement unamortized discount and issuance costs |
|
|
(1,558,871 |
) |
|
|
(1,687,921 |
) |
| Net Marathon Credit Agreement |
|
|
12,545,269 |
|
|
|
8,312,079 |
|
| Less current portion |
|
|
4,104,140 |
|
|
|
- |
|
| Long-term debt |
|
$ |
8,441,129 |
|
|
$ |
8,312,079 |
|
|
| Schedule of issue additional warrants |
| Principal amounts: |
|
At
March 31,
2019 |
|
| Tranche One - Principal |
|
$ |
10,000,000 |
|
| Tranche Two – Current amount drawn |
|
|
4,104,140 |
|
| Unamortized debt discount and issuance costs (1) |
|
|
(1,558,871 |
) |
| Net debt carrying amount |
|
$ |
12,545,269 |
|
| Carrying amount of warrant the liability component (2) |
|
$ |
1,295,637 |
|
|
(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 and subsequent warrant issuances. |
|