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Long-term Obligations (Tables)

12 Months Ended

Dec. 31, 2015

Long-term Obligations [Abstract]

Term Loan Outstanding

Additional details relating to the outstanding Term Loan as of December 31, 2015 and 2014 are presented in the following table:

Year ended December 31, 2015
Origination Date		Original Loan Amount				Interest Rate**				Current Monthly Payment*			Original Term		Remaining Principal (Face Value)
May 2015		$	17,700,000				8.95	%		$	136,413		48 Months		$	17,700,000

Year ended December 31, 2014
Origination Date		Original Loan Amount				Interest Rate				Current Monthly Payment*			Original Term		Remaining Principal (Face Value)
June 2013		$	27,000,000				9.75	%		$	203,434		48 Months		$	25,038,125

* Current monthly payment is inclusive of interest only

**          3 month LIBOR rate with a floor of 1% plus 7.95%

Future Minimum Debt and Lease Payments

As of December 31, 2015, the future contractual principal and final fee payments on all of our debt and capital lease obligations are as follows:

Years Ending December 31,
2016		$	—
2017			7,080,000
2018			7,080,000
2019			4,629,000
Total		$	18,789,000

Face Value to Book Value Reconciliation

Reconciliation of Face Value to Book Value as of December 31, 2015
Total debt and lease obligations, including final payment fee (Face Value)		$	18,789,000
Less: Debt discount			(2,108,000	)
Long-term obligation		$	16,681,000

X

- Definition

Tabular disclosure of the aggregate amount of payments due on known contractual obligations for the five years following the date of the latest balance sheet and the combined aggregate amount of maturities of known contractual obligations.

+ References

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-Publisher SEC
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-Number 229
-Section 303
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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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