| Credit Agreement |
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Aggregate repayment obligation
|
$
|
17,650,000
|
|
$
|
17,500,000
|
|
Less: payments
|
|
(5,578,085)
|
|
|
(642,485)
|
|
Less: unamortized discounts
|
|
(4,590,974)
|
|
|
(8,475,874)
|
|
Less: unamortized deferred issuance costs
|
|
(107,910)
|
|
|
(204,353)
|
|
Credit agreement, excluding embedded derivative liability, net
|
|
7,373,031
|
|
|
8,177,288
|
|
Add: embedded derivative liability at fair value (see Note 3)
|
|
899,000
|
|
|
1,217,000
|
|
Credit agreement, net
|
|
8,272,031
|
|
|
9,394,288
|
|
Credit agreement, short-term portion
|
|
(5,385,649)
|
|
|
(6,692,718)
|
|
Credit agreement, long-term portion
|
$
|
2,886,382
|
|
$
|
2,701,570
|
|
| Residual Royalty Agreement Liability |
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Residual royalty agreement liability, fair value at inception
|
$
|
346,000
|
|
$
|
346,000
|
|
Less: unamortized discounts
|
|
—
|
|
|
(2,420)
|
|
Add: accretion of liability using effective interest rate
|
|
773,518
|
|
|
201,225
|
|
Residual royalty agreement, excluding embedded derivative liability, net
|
|
1,119,518
|
|
|
544,805
|
|
Add: embedded derivative liability at fair value (see Note 3)
|
|
2,726,000
|
|
|
1,209,000
|
|
Residual royalty agreement
|
$
|
3,845,518
|
|
$
|
1,753,805
|
|
| Credit Agreement Interest Expense |
|
|
|
|
|
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Amortization of discounts
|
$
|
4,037,320
|
|
$
|
2,686,706
|
|
Accretion of residual royalty agreement
|
|
572,293
|
|
|
201,225
|
|
Amortization of deferred issuance costs
|
|
96,443
|
|
|
62,570
|
|
Interest expense
|
$
|
4,706,056
|
|
$
|
2,950,501
|
|