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Note 5 - Credit Facility

9 Months Ended

Sep. 30, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 5 — Senior Credit Facility

On September 23, 2016, the Company closed a $23,000 Senior Credit Facility with an affiliate of MidCap Financial Services, LLC (“MidCap”), as administrative agent (the “Senior Credit Facility”). The Senior Credit Facility was fully funded at closing and bears a variable interest rate of LIBOR (which shall not be less than 0.5%)

plus 8%. The Senior Credit Facility includes an interest-only payment period through fiscal 2017 and scheduled monthly principal and interest payments for the subsequent 40 months. The Company has the option to repay the Senior Credit Facility at any time prior to the scheduled principal repayment date subject to prepayment fees. Final payment of the Senior Credit Facility is subject to a final payment fee equal to 5% of the principal funded under the Senior Credit Facility.

As of September 30, 2016, the Company had borrowings of $23,000 under the Senior Credit Facility bearing an interest rate of 8.5%. The carrying amount of the debt approximates its fair value based on prevailing interest rates as of the balance sheet date. Scheduled principal repayments of the Senior Credit Facility are as follows:

	Principal Payments
	2017		$	—
	2018			6,900
	2019			6,900
	2020			6,900
	2021			2,300
	Total		$	23,000

The debt agreement contains two provisions that if deemed probable would create the recognition of an embedded feature; however, at this time we do not believe either provision is probable.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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X

- References

No definition available.

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