Debt Obligations

9 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Debt Obligations

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

Amended and Restated Facility Agreement. On July 14, 2015, we entered into an Amended and Restated Facility Agreement (the “Amended Facility Agreement”) with Conrent Invest S.A. (“Conrent”) to amend certain provisions of the Company’s existing $25.0 million unsecured debt facility. Pursuant to the terms and conditions of the Amended Facility Agreement, effective June 30, 2015, the Company may now borrow an additional $5.4 million of unsecured debt, which, together with the existing $25.0 million of unsecured debt borrowed under the debt facility, will now accrue interest at a rate of 8% per annum and mature on July 31, 2018. The Amended Facility Agreement also provides the Company with a voluntary prepayment option, wherein the Company may pay the amounts borrowed under the debt facility, including all accrued but unpaid interest, prior to the maturity date without any penalty or prepayment fee. In connection with the execution of the Amended Facility Agreement, the Company used the available $5.4 million under the facility agreement to pay to Conrent an arrangement fee of $500,000, as well as $822,222 of accrued but unpaid interest. Subsequent to June 30, 2015, the Company received the remaining $4.08 million from this Facility Agreement.  

	June 30,			September 30,
	2015			2014
Unsecured facility agreement with an entity whereby, as of June 30, 2015, the Company may borrow up to $30.4 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 July 31, 2018. A $1.2 million origination fee was paid and recorded as a debt discount and will be amortized as interest expense over the term of the loan. As of June 30, 2015, the remaining debt discount was $687,500..	$	25,634,722		$	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. This loan is secured by the related license.		1,500,000			3,187,500
Note issued in connection with the acquisition of a subsidiary and matured in December 2014 which was secured by certain leased assets.		-			9,630
Capital leases with effective interest rates that range between 8.51% and 17.44%.  Leases mature between June 2015 and November 2015 and are secured by certain leased assets.		25,157			46,021
Unsecured 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
Unsecured notes payable assumed in conjunction with the G2 acquisition, net of $9,529 discount.		-			-
Unsecured non-interest bearing notes payable to a governmental agency assumed in conjunction with the G2 acquisition.		301,582			-
Total debt obligations		30,161,461			30,474,401
Less current portion		(4,072,555	)		(1,906,040	)
Long-term portion of related party debt		-			(2,700,000	)
Long-term debt, net of current portion	$	26,088,906		$	25,868,361

The following table summarizes the Company’s future maturities of debt obligations, net of the amortization of debt discounts as of June 30, 2015:

Fiscal Year	Total
2015	$	588,215
2016		3,725,404
2017		72,365
2018		30,273,080
2019		44,184
Thereafter		37,678
Debt discount		(687,500)
Total	$	30,161,461

In connection with the TGA Acquisition, as described in Note 8 above, 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.