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Note 5 - Senior Credit Facility | 9 Months Ended
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Sep. 30, 2018
Notes to Financial Statements |
Debt Disclosure [Text Block] | Note 5 — Senior Credit Facility On July 20, 2018, the Company, together with its consolidated subsidiary, MDCP, LLC (collectively, the “Borrowers”), entered into a $30,000 secured loan facility with MidCap Financial, a Delaware statutory trust, as administrative agent and lender (“MidCap”), pursuant to the terms and conditions of that certain Amended and Restated Credit and Security Agreement, dated as of July 20, 2018 ( the “Amended and Restated Senior Credit Facility”), among the Borrowers, MidCap, and the lenders party thereto from time to time. The Amended and Restated Senior Credit Facility refinances and replaces the Senior Credit Facility dated as of September 23, 2016 among the Borrowers, MidCap and the lenders party thereto from time to time (the “Prior Credit Facility”). The Amended and Restated 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 Amended and Restated Senior Credit Facility includes an interest-only payment period through July 2019 and scheduled monthly principal and interest payments for the subsequent 30 months. The Company used a portion of the proceeds of the Amended and Restated Senior Credit Facility to pay off outstanding amounts under the Prior Credit Facility and the remainder will be used for general corporate purposes. As of September 30, 2018, the Company had borrowings of $30,000 under the Amended and Restated Senior Credit Facility bearing an interest rate of 10.1%. The carrying amount of the debt approximates its fair value based on prevailing interest rates as of the balance sheet date. The remaining scheduled principal repayments of the Amended and Restated Senior Credit Facility are as follows:
Principal Payments |  |
2018 |  | $ | — |
2019 |  |  | 5,000 |
2020 |  |  | 12,000 |
2021 |  |  | 12,000 |
2022 |  |  | 1,000 |
Total |  | $ | 30,000 |
The debt agreement contains two provisions that if deemed probable would create the recognition of an embedded feature; however, 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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