Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of June 30, 2017, the following table summarizes the Company's outstanding debt:

(in thousands)	June 30, 2017			December 31, 2016
2016 Credit and Security Agreement	$	4,473		$	3,603
Term Loan	6,500			3,676
Discount on Term Loan	(586		)	(1,122		)
Unamortized debt issuance costs related to Term Loan	(175		)	(336		)
Seasonal Facility	2,000			—
Subordinated Promissory Note	2,092			—
Capital Leases	281			—
Total debt	14,585			5,821
Short-term portion	(6,754		)	(5,821		)
Total long-term debt	$	7,831		$	—

Summary of Components of Interest Expense

The following table summarizes the components of interest expense for the three and six month periods ended June 30, 2017 and 2016:

(in thousands)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2017		2016		2017		2016
Interest expense on Term Loan (effective interest rate at June 30, 2017 and 2016 was 13.5% and 15%, respectively)	$	179	$	161	$	317	$	341
Interest expense on 2013 Loan and Security Agreement	—		16		—		49
Interest expense on 2016 Credit and Security Agreement	117		48		198		48
Interest expense on Seasonal Facility	23		—		23		—
Interest expense on Subordinated Promissory Note	23		—		23		—
Interest expense on Capital Leases	2		—		2		—
Interest expense, other	2		—		2		—
Accretion of termination fees (over term of Term Loan at rate of 8%)	98		45		140		91
Amortization of debt issuance costs	79		62		219		123
Write-off of debt issuance costs related to 2013 Loan and Security Agreement	—		282		—		282
Amortization of debt discount associated with SWK Warrants #1 and #2 (defined below)	170		397		537		807
Mark to market of SWK Warrant #2 (defined below)	—		—		—		59
Total	$	693	$	1,011	$	1,461	$	1,800

Schedule of Debt Covenant Compliance

The covenants are summarized in the tables below and are on a pro forma basis as if the Merger with Provant happened at the beginning of the quarter ended June 30, 2017:

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(in thousands)	Minimum Aggregate Revenue (LTM) as of the end of:
Three months ended June 30, 2017	Six months ending September 30, 2017	Nine months ending December 31, 2017	Twelve months ending March 31, 2018	Twelve months ending June 30, 2018	Twelve months ending September 30, 2018	Twelve months ending December 31, 2018	Twelve months ending each fiscal quarter thereafter
$10,500	$26,000	$53,000	$69,000	$70,000	$71,000	$74,000	$75,000
	Minimum Adjusted EBITDA as of the end of:
		Twelve months ending December 31, 2017	Twelve months ending March 31, 2018	Twelve months ending June 30, 2018	Twelve months ending September 30, 2018	Twelve months ending December 31, 2018	Twelve months ending each fiscal quarter thereafter
		$3,000	$5,000	$5,200	$6,000	$8,000	$9,000
	Minimum Consolidated Unencumbered Liquid Assets as of:
June 30, 2017	September 30, 2017	The end of each fiscal quarter thereafter
$500	$750	$1,000

The covenants are summarized in the tables below and are on a pro forma basis as if the Merger with Provant happened at the beginning of the quarter ended June 30, 2017:

(in thousands)	Minimum Aggregate Revenue (LTM) as of the end of:
Three months ended June 30, 2017	Six months ending September 30, 2017	Nine months ending December 31, 2017	Twelve months ending March 31, 2018	Twelve months ending June 30, 2018	Twelve months ending September 30, 2018	Twelve months ending December 31, 2018	Twelve months ending each fiscal quarter thereafter
$10,500	$26,000	$53,000	$69,000	$70,000	$71,000	$74,000	$75,000
	Minimum Adjusted EBITDA as of the end of:
		Twelve months ending December 31, 2017	Twelve months ending March 31, 2018	Twelve months ending June 30, 2018	Twelve months ending September 30, 2018	Twelve months ending December 31, 2018	Twelve months ending each fiscal quarter thereafter
		$3,000	$5,000	$5,200	$6,000	$8,000	$9,000
	Minimum Consolidated Unencumbered Liquid Assets as of:
June 30, 2017	September 30, 2017	The end of each fiscal quarter thereafter
$500	$750	$1,000