Quarterly report pursuant to Section 13 or 15(d)

Long term debt (Tables)

v3.5.0.2
Long term debt (Tables)
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
Long term debt consisted of the following:
 
 
 
 
 
June 30, 2016
 
December 31, 2015
 
 
 
 
Term Loan Agreements
$
10,899,167

 
$
11,980,000

Equipment Financing Agreement
840,364

 
656,763

Promissory note, net
875,000

 
 
 
12,614,531

 
12,636,763

Less: Current portion of Long Term Debt
3,026,324

 
2,680,116

Long Term Debt, net of Current Portion
$
9,588,207

 
$
9,956,647

 
 
 
 
Future minimum loan payments:
 
 
 
2016
$
1,505,893

 
 
2017
3,022,920

 
 
2018
3,032,876

 
 
2019
3,043,342

 
 
2020
1,134,500

 
 
Thereafter
875,000

 
 
Total
$
12,614,531

 
 
Schedule of Maturities of Long-term Debt
 
 
 
 
 
June 30, 2016
 
December 31, 2015
 
 
 
 
Term Loan Agreements
$
10,899,167

 
$
11,980,000

Equipment Financing Agreement
840,364

 
656,763

Promissory note, net
875,000

 
 
 
12,614,531

 
12,636,763

Less: Current portion of Long Term Debt
3,026,324

 
2,680,116

Long Term Debt, net of Current Portion
$
9,588,207

 
$
9,956,647

 
 
 
 
Future minimum loan payments:
 
 
 
2016
$
1,505,893

 
 
2017
3,022,920

 
 
2018
3,032,876

 
 
2019
3,043,342

 
 
2020
1,134,500

 
 
Thereafter
875,000

 
 
Total
$
12,614,531