Quarterly report pursuant to Section 13 or 15(d)

Notes Payable and Convertible Notes (Tables)

v3.7.0.1
Notes Payable and Convertible Notes (Tables)
6 Months Ended
Jun. 30, 2017
Notes Payable and Convertible Notes [Abstract]  
Schedule of long-term debt

    June 30,
2017
    December 31,
2016
 
Goldman Sachs - Tranche A Term Loan - LIBOR Interest on loan date plus 8%, 9.045% at June 30, 2017   $ 65,500,000     $ 40,000,000  
Goldman Sachs – Revolver- LIBOR Interest on loan date plus 8%, 9.045% at June 30, 2017     3,405,018       3,195,000  
Goldman Sachs – Tranche B Term Loan - Interest 11% annually     8,600,000       -  
Convertible Notes Payable     -       1,250,000  
Mortgage note payable to a bank, secured by real estate and guarantee of Company, bearing interest at 4.6%, due in monthly installments of $9,934, maturing May 2020     1,295,427       -  
Notes payable, secured by equipment, bearing interest at rates from 9.25% to 9.49%, due in monthly installments of approximately $150,000 through April 2022     6,406,131       282,791  
Notes payable to seller of Meridian, subordinated debt     1,475,000       1,475,000  
Less: debt issuance cost/fees     (2,023,910 )     (1,195,797 )
Less: debt discount     (1,650,592 )     (1,810,881 )
Total debt     83,007,074       43,196,113  
Less: current portion     (1,366,676 )     (1,385,380 )
Long term debt less current portion   $ 81,640,398     $ 41,810,733  
Schedule of fair value calculations
    January 30,
2017
    December 31, 
2016
    March 31,
2016
 
Purchase Price   $ 450,000     $ 450,000     $ 450,000  
Time to expiration      12/22/2023        12/22/2023       12/23/2023  
Risk-free interest rate     1.41 %     1.42 %     1.60 %
Estimated volatility     60 %     60 %     45 %
Dividend     0 %     0 %     0 %
Stock price   $ 2.95     $ 10.34     $ 36.00  
Expected forfeiture rate     0 %     0 %     0 %
Schedule of change in the market value
Fair value of warrants @ December 31, 2016   $ 1,250,000  
         
Unrealized gain on derivative liability     (290,000 )
         
Extinguishment of warrant liability     (960,000 )
         
Fair value of warrants @ June 30, 2017   $ -  

 

The change in the market value for the period ending June 30, 2016 was as follows:

 

Fair value of warrants @ December 31, 2015   $ 2,820,000  
         
Unrealized gain on derivative liability     (120,000 )
         
Fair value of warrants @ June 30, 2016   $ 2,700,000