XML 75 R49.htm IDEA: XBRL DOCUMENT v2.4.0.8
DEBT (Details) (USD $)
0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Mar. 13, 2013
Line of Credit
Revolving Credit Facility
Dec. 31, 2013
Line of Credit
Revolving Credit Facility
Dec. 31, 2012
Line of Credit
Revolving Credit Facility
Mar. 13, 2013
Line of Credit
Revolving Credit Facility
Wall Street Journal Prime Rate
Dec. 31, 2013
Line of Credit
Revolving Credit Facility
Wall Street Journal Prime Rate
Mar. 13, 2013
Line of Credit
Revolving Credit Facility
Third Security LLC And Affiliates
Mar. 13, 2013
Term Loan
Dec. 31, 2013
Term Loan
Dec. 31, 2012
Term Loan
Mar. 13, 2013
Term Loan
Prepayment within one year after the effective date
Mar. 13, 2013
Term Loan
Prepayment between one and two years after the effective date
Mar. 13, 2013
Term Loan
Prepayment greater than two years after the effective date
Mar. 13, 2013
Term Loan
Third Security LLC And Affiliates
Dec. 31, 2013
Notes Payable, Other Payables
PGxHealth Note Payable (the First Note)
Dec. 31, 2012
Notes Payable, Other Payables
PGxHealth Note Payable (the First Note)
Debt Instrument [Line Items]                                  
Total debt $ 6,560,000 $ 6,171,000   $ 2,560,000 [1] $ 0 [1]         $ 4,000,000 [2] $ 0 [2]         $ 0 [3] $ 6,171,000 [3]
Current maturities of long term debt (242,000) (6,171,000)                              
Long term debt less current maturities 6,318,000 0                              
Line of credit facility, current borrowing capacity               4,000,000.0                  
Debt instrument, face amount                             4,000,000.0    
Debt instrument, interest rate, stated percentage     4.25% 6.25%                       10.00%  
Debt instrument, basis spread on variable rate           1.00% 3.00%                    
Debt instrument, interest rate, effective percentage       6.25%                          
Line of credit facility, upfront fee     20,000                            
Line of credit facility, commitment fee amount     20,000                            
Line of credit facility, unused capacity, commitment fee percentage     0.50%                            
Proceeds from issuance of long-term debt                 4,000,000                
Long-term debt, percentage bearing variable interest, percentage rate                   9.10%              
Debt instrument, upfront fee                 40,000                
Debt instrument, future debt extinguishment costs                 120,000                
Debt instrument, prepayment penalty percent                       5.00% 2.50% 1.00%      
Debt instrument, debt default, interest rate, stated percentage increase                 5.00%                
Debt instrument, term                               3 years  
2014 242,000                                
2015 1,879,000                                
2016 $ 4,439,000                                
[1] Revolving Line of Credit. Amounts advanced under the Revolving Line bear interest at an annual rate equal to the greater of (a) 4.25% or (b) the Wall Street Journal prime rate plus 1%. Interest is payable on a monthly basis, with the balance payable at the maturity of the Revolving Line. Under the Amendment, amounts advanced under the Revolving Line bear interest at an annual rate equal to the greater of (x) 6.25% or (y) the Wall Street Journal prime rate plus 3%. The current interest rate is 6.25%. Under the Loan Agreement, we paid the Lenders an upfront fee of $20,000, and will pay the Lenders an additional commitment fee of $20,000 on each one year anniversary of the Effective Date during the term of the Revolving Line. In addition, a fee of 0.5% per annum is payable quarterly on the unused portion of the Revolving Line. The Revolving Line matures on September 1, 2016.
[2] Term Loan. We received $4.0 million under the Term Loan on the Effective Date. Pursuant to the terms of the Loan Agreement, as amended by the Fourth Amendment, we are required to make monthly payments of interest to the Lenders commencing on April 1, 2015. The current interest rate is 9.1%.We paid the Lenders an upfront fee of $40,000 for the Term Loan, and will pay the Lenders an additional final payment of $120,000 at maturity or prepayment of the Term Loan. In addition, if we repay the Term Loan prior to maturity, we will pay the Lenders a prepayment penalty of 5% of the total outstanding balance under the Term Loan if the prepayment occurs within one year after the Effective Date, 2.5% of the total outstanding balance under the Term Loan if the prepayment occurs between one and two years after the Effective Date, and 1% of the total outstanding balance under the Term Loan if the prepayment occurs thereafter.Additional TermsThe Loan Agreement contains affirmative and negative covenants. Under the Term Loan, we are required to maintain a minimum liquidity ratio and achieve a minimum amount of revenue, and we also agreed not to (i) pledge or otherwise encumber our assets other than to the Lenders, (ii) enter into additional borrowings or guarantees, (iii) repurchase our capital stock, or (iv) enter into certain mergers or acquisitions without the Lenders' consent. Additionally, the Loan Agreement contains a subjective acceleration clause at the discretion of the Lenders. As of December 31, 2013, the Company was in compliance with the minimum revenue covenant. The Company was not in compliance with the minimum liquidity ratio. Pursuant to the Third Amendment, the Lenders agreed to waive the event of default. To secure the repayment of any amounts borrowed under the Revolving Line and the Term Loan, we granted the Lenders a security interest in all of our assets. The occurrence of an event of default under the Loan Agreement could result in the acceleration of our obligations under the Loan Agreement and would increase the applicable interest rate under the Revolving Line or Term Loan (or both) by 5%, and permit the Lenders to exercise remedies with respect to the collateral under the Loan Agreement.
[3] First Note. The First Note was a three year senior secured promissory note payable to PGxHealth, LLC which was entered into on December 29, 2010 in conjunction with our acquisition of the FAMILION family of genetic tests. Interest was payable at 10% per year with quarterly interest payments through March 29, 2012. Thereafter, quarterly installments included both principal and interest through December 30, 2013. The First Note was paid in full on March 13, 2013.