XML 27 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Long-term Debt
12 Months Ended
Dec. 31, 2017
Long-term Debt [Abstract]  
Long-term Debt
Note 9
Long-term Debt:
  
December 31, 2017
  
December 31, 2016
 
       
Term note, net of debt discount of $160 and $258, respectively; and deferred financing cost of $171 and $276, respectively
 
$
10,240
  
$
11,466
 
Less: current portion
  
(2,387
)
  
(1,714
)
Total long-term debt
 
$
7,853
  
$
9,752
 
Term-Note Credit Facility
On December 30, 2015, the Company entered into a $12,000 credit facility pursuant to a Credit and Security Agreement (the "Agreement") and related financing documents with MidCap Financial Trust ("MidCap") and the lenders listed therein. Under the Agreement, the credit facility may be drawn down in two tranches, the first of which was drawn for $10,500 on December 30, 2015. The proceeds of this first tranche were used to repay $10,000 principal amount of short-term senior secured promissory notes, plus associated interest, loan fees and expenses. The second tranche was drawn for $1,500 on January 29, 2016. The Company's obligations under the credit facility are secured by a first priority lien on all of the Company's assets. This credit facility includes both financial and non-financial covenants, including a minimum net revenue covenant, beginning in January 2016. On November 10, 2017, the minimum net revenue covenant was amended prospectively. Additionally on November 10, 2017, the Company entered into an amendment to modify the principal payments including a period of six months where there are no principal payments due. The interest rate on the credit facility is one month LIBOR plus 8.25%, subject to a LIBOR floor of 0.5% (9.61% as of December 31, 2017). On March 26, 2018, the Company further amended the minimum net revenue covenant retrospectively to the closing date of the loan in order for the Company to be in compliance with these covenants as of December 31, 2017.  Refer to Note 18 Subsequent Events for additional detail.
 
Warrants to purchase shares of the Company's common stock that were issued in connection with the credit facility resulted in a discount to the debt. The discount is accreted using the effective interest rate method over the repayment term.
The following table summarizes the future payments that the Company is obligated to make for the long-term debt for the future periods:
2018
 
$
2,387
 
2019
  
4,092
 
2020
  
4,092
 
  
$
10,571