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Subsequent Event
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Event

16. Subsequent Event

Series A Conversions

During the first quarter of 2019, an additional 3,715 shares of Series A Convertible Preferred Stock were converted into 1,857,586 shares of common stock. As of March 1, 2019, there were 328 shares of Series A Convertible Preferred Stock outstanding, which are convertible into 164,087 shares of common stock.

Expanded Credit Facility with Squadron

On March 27, 2019, the Company closed on an Expanded Credit Facility with Squadron for up to $30 million in additional secured financing. This additional financing will be made available under the Company’s existing credit facility with Squadron. No amounts have been drawn on the Line of Credit as of its issuance date. Any amounts drawn will be used for general corporate purposes. The additional borrowings under the credit facility will mature concurrent with the current secured financing from Squadron and bear interest at LIBOR plus 8% per annum, subject to a 10% floor and a 13% ceiling. For any draws taken, interest-only payments are due monthly through May 2021, followed by principal payable in 29 equal monthly installments beginning June 2021 and a lump-sum payment payable at maturity in November 2023.

At such time as the Company makes its first draw under the Expanded Credit Facility, the Company will issue to Squadron warrants to purchase 4.8 million shares of the Company’s common stock at an exercise price of $2.17 per shareThe warrants will have a seven-year term and will be immediately exercisable upon issuance.