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Note Payable and Term Loan Agreement (Tables) | 12 Months Ended
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Dec. 31, 2015
Note Payable and Term Loan Agreement |
Schedule of Note Payable and Term Loan Agreement |
|  | December 31, |  | December 31, |
|  | 2015 |  | 2014 |
Ter m Loan and Revenue Interest Agreement with Three Peaks Capital S.a.r.l. (“Three Peaks”) for a total term loan amount of $25,000,000 which has a six year term and requires interest only payments and a final principal payment due at the end of the term. Interest is payable quarterly at 9.00% per annum plus the greater of LIBOR or 1.0% which as of December 31, 2015 and December 31, 2014 resulted in a 10% rate. The Revenue Interest Agreement is for a period of ten years. Royalty payments are based on a royalty rate of 3.75% of revenues up to a maximum of $30 million in revenues in any 12 month period. |  | $ | 25,547,420 |  | $ | 25,085,777 |
Long-term portion |  | $ | 25,547,420 |  | $ | 25,085,777 |

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