| Schedule of Long Term Debt |
Long term debt consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
December 31, 2015 |
|
|
|
|
|
Term Loan Agreements |
|
$ |
11,606,250 |
|
|
$ |
11,980,000 |
|
Equipment Financing Agreement |
|
886,377 |
|
|
656,763 |
|
|
|
12,492,627 |
|
|
12,636,763 |
|
Less: Current portion of Long Term Debt |
|
3,021,908 |
|
|
2,680,116 |
|
Long Term Debt, net of Current Portion |
|
$ |
9,470,719 |
|
|
$ |
9,956,647 |
|
|
|
|
|
|
Future minimum loan payments: |
|
|
|
|
2016 |
|
$ |
2,260,950 |
|
|
|
2017 |
|
3,022,920 |
|
|
|
2018 |
|
3,032,876 |
|
|
|
2019 |
|
3,043,342 |
|
|
|
2020 |
|
1,132,539 |
|
|
|
Total |
|
$ |
12,492,627 |
|
|
|
|
| Schedule of Maturities of Long-term Debt |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2016 |
|
December 31, 2015 |
|
|
|
|
|
Term Loan Agreements |
|
$ |
11,606,250 |
|
|
$ |
11,980,000 |
|
Equipment Financing Agreement |
|
886,377 |
|
|
656,763 |
|
|
|
12,492,627 |
|
|
12,636,763 |
|
Less: Current portion of Long Term Debt |
|
3,021,908 |
|
|
2,680,116 |
|
Long Term Debt, net of Current Portion |
|
$ |
9,470,719 |
|
|
$ |
9,956,647 |
|
|
|
|
|
|
Future minimum loan payments: |
|
|
|
|
2016 |
|
$ |
2,260,950 |
|
|
|
2017 |
|
3,022,920 |
|
|
|
2018 |
|
3,032,876 |
|
|
|
2019 |
|
3,043,342 |
|
|
|
2020 |
|
1,132,539 |
|
|
|
Total |
|
$ |
12,492,627 |
|
|
|
|