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Bank Loan, Lines of Credit and Loan Payable – Related Party | 12 Months Ended
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Dec. 31, 2017
Disclosure of Bank Loan, Lines of Credit and Loan Payable - Related Party [Abstract] |
Bank Loan Lines Of Credit And Loan Payable Related Party |
11. | Bank Loan, Lines of Credit and Loan Payable – Related Party
Bank Loans In December 2010, ICC borrowed $4,600,000 loan from a financial institution. The loan bears interest based on the Wall Street Journal “prime rate” or 4.5% per annum as of December 31, 2017. The loan is collateralized by one if its shareholders and the medical equipment ICC owns. The loan matures on December 31, 2018. As of December 31, 2017, the balance outstanding was $510,391 and is classified as current liabilities. As of December 31, 2017, ICC was in compliance with all affirmative and negative covenants contained in the loan agreement. On January 13, 2014, APC entered into a mortgage loan agreement with a bank in the amount of $1,575,000. This note was guaranteed by one of APC’s board members, Theresa C. Tseng. Interest on the Note was 4.63% per annum. The note required APC to make 239 monthly payments of $10,132 commencing February 13, 2014 and maturing on January 13, 2034. The loan was collateralized by both the building and the rents due APC on the same building. On February 4, 2016, this loan was repaid in full. In connection with this repayment, APC incurred a prepayment penalty of $44,200 and the amount is included in interest expense in the accompanying consolidated statement of operations for the year ended December 31, 2016. Lines of Credit In April 2012, NMM entered into a promissory note agreement with a bank, which was amended on April 9, 2016 and April 7, 2017 (as amended, the “NMM Business Loan Agreement”). The NMM Business Loan Agreement was amended on April 7, 2017 to increase the loan availability from $10,000,000 to $20,000,000. The interest rate is based on the Wall Street Journal “prime rate” plus 0.125% or 4.625% and 3.875% as of December 31, 2017 and 2016, respectively. As of December 31, 2017 and 2016, the Company was not in compliance with certain financial debt covenant requirements contained in the loan agreement for which NMM obtained a waiver from the bank through March 31, 2018. The loan is personally guaranteed by 14 former shareholders of NMM, 13 of which are also members of former NMM’s board of directors, and a Trust held by NMM’s CEO, each of which guarantees is capped at $1,000,000. The loan is collateralized by substantially all assets of NMM. In October 2017, NMM borrowed $5,000,000 on this line of credit (see Note 8) to provide to Accountable Health Care IPA. The line of credit matures on April 22, 2018 and the amount outstanding as of December 31, 2017 was $5,000,000. No amounts were drawn on this line during 2016 and no amounts were outstanding as of 2016. As of December 31, 2017, availability under this line of credit was $8,300,671. In April 2012, APC entered into a promissory note agreement with a bank, which was amended on April 22, 2016 and April 7, 2017 (as amended, the “APC Business Loan Agreement”). The APC Business Loan Agreement modifies certain terms of the promissory note agreement in order to (i) increase the original loan availability amount of $2,000,000 to $10,000,000, (ii) extend the maturity date under the promissory note agreement to April 22, 2018, and (iii) add six additional guarantees. The interest rate is based on the Wall Street Journal “prime rate” plus 0.125% or 4.625% and 3.875% as of December 31, 2017 and 2016, respectively. As of December 31, 2017 and 2016, the Company was not in compliance with certain financial debt covenant requirements contained in the loan agreement for which APC obtained a waiver from the bank through March 31, 2018. The loan is personally guaranteed by 14 shareholders of APC, 13 of which are also members of APC’s board of directors, and a Trust held by NMM’s CEO, each of which guarantees is capped at $1,000,000. The loan is also collateralized by substantially all assets of APC. No amounts were drawn on this line during 2017 and 2016 and no amounts were outstanding as of December 31, 2017 and 2016. As of December 31, 2017, availability under this line of credit was $9,694,984. BAHA had a line of credit of $150,000 with First Republic Bank, which was paid in full in February 2018. Borrowings under the line of credit bore interest at the prime rate (4.5% and 3.75% per annum at December 31, 2017 and 2016, respectively), with a floor rate of 3.25%. As of December 31, 2017, the amount outstanding was $25,000. Standby Letters of Credit On March 3, 2017, APAACO established an irrevocable standby letter of credit with a financial institution (through the NMM Business Loan Agreement) for $6,699,329 for the benefit of CMS. The letter of credit expires on December 31, 2018 and deemed automatically extended without amendment for additional one - year periods from the present or any future expiration date, unless notified by the institution to terminate prior to 90 days from any expiration date. APAACO may continue to draw from the letter of credit for one year following the bank’s notification of non-renewal. APC established irrevocable standby letters of credit with a financial institution for a total of $305,016 for the benefit of certain health plans. The standby letters of credit are automatically extended without amendment for additional one - year periods from the present or any future expiration date, unless notified by the institution in advance of the expiration date that the letter will be terminated. Loan Payable to Related Party In connection with the investment in PMIOC (see Note 7), APC-LSMA entered into a promissory note agreement on July 1, 2015 for $600,000, which represents the remaining unpaid balance of the investment consideration. The remaining balance of $600,000 was repaid in full in 2016.

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