| Credit Agreement |
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
September 30,
2018
|
|
|
|
|
|
|
|
|
Aggregate repayment obligation
|
$
|
17,500,000
|
|
$
|
17,500,000
|
|
Less: Payments
|
|
(3,201,762)
|
|
|
(642,485)
|
|
Less: Unamortized discounts
|
|
(7,320,088)
|
|
|
(8,475,874)
|
|
Less: Unamortized deferred issuance costs
|
|
(176,487)
|
|
|
(204,353)
|
|
Credit agreement, net
|
|
6,801,663
|
|
|
8,177,288
|
|
Add: Embedded derivative liability at fair value (see Note 3)
|
|
1,138,000
|
|
|
1,217,000
|
|
|
|
7,939,663
|
|
|
9,394,288
|
|
Credit agreement, short-term portion
|
|
(4,943,543)
|
|
|
(6,692,718)
|
|
Credit agreement, long-term portion
|
$
|
2,996,120
|
|
$
|
2,701,570
|
|
|
|
|
|
|
|
|
| Residual Royalty Agreement Liability |
|
|
|
|
|
|
|
|
|
December 31,
2018
|
|
September 30,
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
|
|
293,576
|
|
|
201,225
|
|
Residual Royalty Agreement liability, net
|
|
639,576
|
|
|
544,805
|
|
Add: Embedded derivative liability at fair value (see Note 3)
|
|
1,063,000
|
|
|
1,209,000
|
|
Residual Royalty Agreement liability
|
$
|
1,702,576
|
|
$
|
1,753,805
|
|
|
|
|
|
|
|
|
| Credit Agreement Interest Expense |
|
|
|
|
|
|
Three Months Ended
December 31, 2018
|
|
|
|
|
|
Amortization of Credit Agreement and Residual Royalty Agreement discounts
|
$
|
1,158,206
|
|
Accretion of Residual Royalty Agreement liability
|
|
92,351
|
|
Amortization of deferred issuance costs
|
|
27,866
|
|
|
$
|
1,278,423
|
|