12. Revolving Credit Facilities and Long Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Revolving credit facilities and long term debts

	December 31,
	2015			2014
Senior Revolving Credit Facility, Cadence Bank, N.A.	$	27,750,000		$	22,600,000
Subordinated Credit Agreement, Chambers		30,000,000			30,000,000
PIK Interest on Subordinated Credit Agreement, Chambers		2,600,629			1,307,086
Total credit facilities and long term debts		60,350,629			53,907,086
Less: Unamortized OID		–			(426,734	)
Less: Unamortized debt discount attributable to warrants		–			(1,645,749	)
Total credit facilities and long term debts, net of discounts		60,350,629			51,834,603
Less: current maturities(1)		(60,350,629	)		–
Long term portion of credit facilities and long term debts	$	–		$	51,834,603

⁽¹⁾ Due to existing and anticipated covenant violations, the Company’s Senior Credit Facility and Subordinated Credit Facility were classified as current at December 31, 2015.

Components of interest expense

	Years Ended December 31,
	2015			2014
Credit Facilities, accrued PIK interest	$	1,293,543		$	1,105,203
Credit Facilities, amortization of OID		426,734			144,904
Credit Facilities, interest and commitment fees		4,381,278			3,453,349
Credit Facilities, amortization of debt issuance costs		751,019			326,258
Credit Facilities, amortization of warrant costs		1,645,749			628,195
Capitalized interest		(362,075	)		(372,673	)
	$	8,136,248		$	5,285,236