Debt (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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

(in thousands)	September 30, 2017			December 31, 2016
2016 Credit and Security Agreement	$	7,897		$	3,603
Term Loans	8,500			3,676
Discount on Term Loans	(714		)	(1,122		)
Unamortized debt issuance costs related to Term Loans	(196		)	(336		)
Seasonal Facility	2,000			—
Subordinated Promissory Note	2,092			—
Capital Leases	174			—
Total debt	19,753			5,821
Short-term portion	(12,030		)	(5,821		)
Total long-term debt	$	7,723		$	—

Summary of Components of Interest Expense

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

(in thousands)	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Interest expense on Term Loans (effective interest rate at September 30, 2017 and 2016 was 13.81% and 12.5%, respectively)	$	266	$	171	$	583	$	512
Interest expense on 2013 Loan and Security Agreement	—		—		—		49
Interest expense on 2016 Credit and Security Agreement	111		72		309		120
Interest expense on Seasonal Facility	69		—		92		—
Interest expense on Subordinated Promissory Note	44		—		67		—
Interest expense on Capital Leases	6		—		8		—
Interest expense, other	2		—		4		—
Accretion of termination fees (over term of Term Loan at rate of 8%)	115		53		255		144
Amortization of debt issuance costs	62		103		281		226
Write-off of debt issuance costs related to 2013 Loan and Security Agreement	—		—		—		282
Amortization of debt discount associated with SWK Warrants #1 and #2 (defined below)	71		479		608		1,286
Mark to market of SWK Warrant #2 (defined below)	—		—		—		59
Total	$	746	$	878	$	2,207	$	2,678

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 six month period ended September 30, 2017:

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(in thousands)	Minimum Aggregate Revenue (LTM) as of the end of:
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
$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:
September 30, 2017	The end of each fiscal quarter thereafter
$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 six month period ended September 30, 2017:

(in thousands)	Minimum Aggregate Revenue (LTM) as of the end of:
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
$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:
September 30, 2017	The end of each fiscal quarter thereafter
$750	$1,000