Debt Obligations

6 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Debt Obligations

Debt obligations as of March 31, 2015 and September 30, 2014, respectively, are comprised of the following: 

	March 31,			September 30,
	2015			2014
Unsecured facility agreement with an entity whereby the Company may borrow up to $25 million bearing interest at a rate of 8% per annum, payable in arrears semi-annually, with all principal and accrued and unpaid interest due on January 3, 2016. A $750,000 origination fee or 3% on the total amount under the agreement was paid and recorded as a debt discount and will be amortized as interest expense over the term of the loan. As of March 31, 2015, the remaining debt discount was $281,250.	$	24,718,750		$	24,531,250
The Company entered into an agreement whereby the Company was granted a non-exclusive, irrevocable, perpetual and royalty-free license to certain patents with an entity. The Company agreed to pay $4,500,000 over two years or $187,500 per month through February 2016.		2,062,500			3,187,500
Note issued in connection with the acquisition of a subsidiary and matured in December 2014.		-			9,630
Capital leases with effective interest rates that range between 8.51% and 17.44%.  Leases mature between June 2015 and November 2015.		31,200			46,021
Related notes payable for $1.5 million and $1.2 million, due December 31, 2015 and November 19, 2015, respectively (See note 18 below).		2,700,000			2,700,000
Notes payable assumed in conjunction with the G2 acquisition, net of $9,529 discount.		-			-
Non-interest bearing notes payable to a governmental agency assumed in conjunction with the G2 acquisition.		302,990			-
Total debt obligations		29,815,440			30,474,401
Less current portion		(29,567,077	)		(1,906,040	)
Long-term portion of related party debt		-			(2,700,000	)
Long-term debt, net of current portion	$	248,363		$	25,868,361

The following table summarizes the Company’s future maturities of debt obligations as of March 31, 2015:

Fiscal Year	Total
2015	$	986,364
2016		28,631,075
2017		72,141
2018		57,288
Thereafter		68,572
Total	$	29,815,440

In connection to the G2 acquisition (see Note 8), the Company assumed three notes payable to the Atlantic Canada Opportunities Agency (“ACOA”). These notes are non-interest bearing notes and are payable in monthly increments ranging from $3,125 to $4,125, as specified in each of the notes.