Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.19.1
Debt (Tables)
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
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.