| Credit Agreement |
|
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
|
Aggregate repayment obligation
|
$
|
17,650,000
|
|
$
|
17,650,000
|
|
Less: cumulative payments
|
|
(6,001,451)
|
|
|
(5,578,085)
|
|
Less: unamortized discounts
|
|
(3,728,988)
|
|
|
(4,590,974)
|
|
Less: unamortized deferred issuance costs
|
|
(87,649)
|
|
|
(107,910)
|
|
Credit agreement, excluding embedded derivative liability, net
|
|
7,831,912
|
|
|
7,373,031
|
|
Add: embedded derivative liability at fair value (see Note 3)
|
|
629,000
|
|
|
899,000
|
|
Credit agreement, net
|
|
8,460,912
|
|
|
8,272,031
|
|
Credit agreement, short-term portion
|
|
(6,547,339)
|
|
|
(5,385,649)
|
|
Credit agreement, long-term portion
|
$
|
1,913,573
|
|
$
|
2,886,382
|
|
| Residual Royalty Agreement Liability |
|
|
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
|
2019
|
|
2019
|
|
|
|
|
|
|
|
|
Residual royalty agreement liability, fair value at inception
|
$
|
346,000
|
|
$
|
346,000
|
|
Add: accretion of liability using effective interest rate
|
|
1,032,696
|
|
|
773,518
|
|
Residual royalty agreement liability, excluding embedded derivative liability
|
|
1,378,696
|
|
|
1,119,518
|
|
Add: embedded derivative liability at fair value (see Note 3)
|
|
3,390,000
|
|
|
2,726,000
|
|
Residual royalty agreement liability
|
$
|
4,768,696
|
|
$
|
3,845,518
|
|
| Credit Agreement Interest Expense |
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
December 31,
|
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Amortization of discounts
|
$
|
861,986
|
|
$
|
1,158,206
|
|
Accretion of residual royalty agreement
|
|
259,178
|
|
|
92,351
|
|
Amortization of deferred issuance costs
|
|
20,261
|
|
|
27,866
|
|
Interest expense
|
$
|
1,141,425
|
|
$
|
1,278,423
|
|