Term Loan Agreements and Long Term Debt (Tables)

3 Months Ended

Mar. 31, 2017

Term Loan Agreements and Long Term Debt

Schedule of Term Loan Agreements and Long Term Debt

	March 31,		December 31,
	2017		2016
Term Loan Agreement with MidCap Financial Trust (“MidCap”) for a total of $21,000,000, net of $753,124 of unamortized deferred financing fees at March 31, 2017, and $771,185 at December 31, 2016. Interest is payable monthly at 8.00% per annum plus the greater of LIBOR or 0.5% which as of March 31, 2017 resulted in a 8.5% rate.		20,246,876		20,228,815
Revolving Loan Agreement with MidCap for up to $10,000,000 with borrowings based upon eligible accounts receivable and inventory. Interest is payable monthly at 4.50% per annum plus the greater of LIBOR or 0.5% which as of March 31, 2017 resulted in a 5.0% rate.		3,976,320		4,025,023
Equipment Lease Agreement with Cisco Capital for a total lease amount of $58,875 which has a 36 month term and requires no lease payments for the first three months of the lease and 33 equal payments of principal and interest until the end of the term.  Interest on the lease is payable monthly at 3.50% per annum.		52,671		57,829
Total		24,275,867		24,311,667
Less current revolving loan		(3,976,320)		(4,025,023)
Less current maturities of long term debt		(22,913)		(20,899)
Long-term portion	$	20,276,634	$	20,265,745

Schedule of Maturities of Long Term Debt

Year Ending December 31	Amount
2017	$	15,741
2018		1,421,834
2019		8,415,096
2020		8,400,000
2021		2,800,000
		21,052,671
Less unamortized debt issuance costs		(753,124)
TOTAL	$	20,299,547