On March 26, 2018 (the “MidCap Closing Date”), the Company entered into a Credit and Security Agreement (Term Loan) (the “MidCap Term Loan”) and a Credit and Security Agreement (Revolving Loan) (the “MidCap Revolving Loan” and together with the MidCap Term Loan, the “MidCap Credit Facility”) with MidCap Financial Trust, as agent. MidCap Financial Trust subsequently assigned its rights and obligations as agent to MidCap Funding IV Trust.

On February 26, 2020 (the “Amendment Effective Date”), the Company entered into (i) an amendment to the MidCap Term Loan (the “MidCap Term Loan Amendment”), and (ii) an amendment to the MidCap Revolving Loan (the “MidCap Revolving Loan Amendment,” and together with the MidCap Term Loan Amendment, the “Amendments”).

The MidCap Term Loan Amendment extended the interest only payments on the term loan advance by an additional 11 months, with principal on the term loan advance payable in 25 equal monthly installments beginning March 1, 2021 until paid in full on March 1, 2023. If the Company achieves a stated revenue milestone for the 12-month period ending on December 31, 2020, the interest-only period will be further extended by an additional four months, with principal on the term loan advance then payable in 21 equal monthly installments beginning July 1, 2021.

In addition, both Amendments (i) permit the use of the $3.3 million of escrowed funds previously deposited by the Company for repayment of the QNAH Convertible Note, subject to such repayment not being made before September 1, 2020, the Company having at least $18.0 million of unrestricted cash and cash equivalents and there being no default under the MidCap Term Loan or the MidCap Revolving Loan and (ii) include a grant by the Company of a security interest in its intellectual property, effective as of the Amendment Effective Date.

The remaining principal repayments due under the MidCap Term Loan as of March 31, 2020 are as follows for each fiscal year:

2020		—
2021		2,800,000
2022		3,360,000
2023		840,000
Total MidCap Term Loan payments		7,000,000
Less discount and deferred financing costs		(405,028	)
Plus final fee premium		315,000
Total MidCap Term Loan, net	$	6,909,972

Debt discount of approximately $405,028 and $443,455 associated with the MidCap Term Loan, resulting from fees and debt issuance costs, was presented net of MidCap Term Loan payable – non-current, net of discount and debt issuance costs in the accompanying condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively. Costs incurred in connection with the issuance of the Midcap Revolving Loan of $46,956 and $50,970 are presented as MidCap Revolving Loan costs in other non-current assets in the accompanying condensed consolidated balance sheets as of March 31, 2020 and December 31, 2019, respectively. Amortization of the debt discount associated with the MidCap Term Loan was approximately $38,427 and $35,174 for the three months ended March 31, 2020 and 2019, respectively. Amortization of deferred MidCap Revolving Loan costs was $4,014 and $3,969 for the three months ended March 31, 2020 and 2019, respectively. Amortization of both the debt discount and the revolving loan costs is included in interest expense in the accompanying condensed consolidated statements of operations.

In October 2017, the Company issued a subordinated convertible promissory note to QNAH in the principal amount of $3.0 million against receipt of cash proceeds equal to such principal amount. There have been no significant modifications or financial events relating to QNAH Convertible Note since disclosures made by the Company in its Annual Report on Form 10-K, filed with the SEC on March 25, 2020.