LONG-TERM DEBT

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

LONG-TERM DEBT

9.           LONG-TERM DEBT

In May 2016, the Company entered into an interest rate swap with the objective of reducing its exposure to cash flow volatility arising from interest rate fluctuations associated with certain debt. The notional amount, maturity date and currency of this contract match those of the underlying debt. The Company has designated this interest rate swap contract as a cash flow hedge. The interest rate swap ended in accordance with its terms as of June 1, 2018.

The Company paid approximately $254,000 of debt issuance costs in connection with the BankUnited Facility of which approximately $48,000 is included in other assets and $16,000 is a reduction of long-term debt.

The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, which matures on June 30, 2019.

The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:

Twelve months ending June 30,
2019	$	2,370,013
2020		5,883,190
2021		192,370
2022		91,749
Thereafter		68,965
	$	8,606,287

In addition to the Term Loan, included in long-term debt are capital leases and notes payable of $939,620 including a current portion of $295,014.