XML 35 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 18 – Subsequent Events

 

Management evaluated all activities of the Company through the issuance date of the Company’s unaudited condensed consolidated financial statements and concluded that no subsequent events except as disclosed below have occurred that would require adjustments or disclosure into the unaudited condensed consolidated financial statements.

 

During July 2017, the Company paid $365,234 in principal and accrued interest on the second loan (November 12, 2015) to Knight Therapeutics (Barbados) Inc.

 

During August 2017, the Company secured a loan of $10,000,000 and an ongoing credit facility for additional tranches for an aggregate of up to $20,000,000 from Knight to support product acquisitions and general working capital purposes. The loan bears interest at 10.5% per annum and matures on August 9, 2020. The Company paid Knight $200,000 as origination fees, $100,000 as work fee and $100,000 for other expenses to related to the loan and credit facility.