• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
LINE OF CREDIT AND LONG-TERM DEBT (Tables)
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Facilities
The Company's outstanding debt facilities as of March 31, 2018 and December 31, 2017 are summarized as follows:
Creditor
Loan Type
 
Origination Date
 
Maturity Date
 
Loan Amount
 
Balance on March 31, 2018
Balance on December 31, 2017
Encina Business Credit, LLC
Term Loan
 
February 1, 2017
 
February 1, 2020
 
$
20,000,000

 
$
16,025,000

$
14,750,000

Encina Business Credit SPV, LLC
Revolving Note
 
February 1, 2017
 
February 1, 2020
 
$
10,000,000

 
4,239,388

4,591,527

Well Fargo Equipment Lease
Capital Lease
 
March, 2018
 
March, 2021
 
$
30,408

 
29,621


Texas Citizens Bank
Term Note
 
January, 2015
 
January, 2020
 
$
2,045,500

 
633,894

834,283

Various institutions
Insurance premiums financed
 
Various
 
< 1 year
 
$
2,902,428

 
337,833

803,392

Total
 
 
 
 
 
 
 
 
$
21,265,736

$
20,979,202

Deferred finance cost, net
 
 
 
 
 
 
 
 
(1,094,198
)
(1,239,570
)
Total, net of deferred finance costs
 
 
 
 
 
 
 
 
$
20,171,538

$
19,739,632



Schedule of Future Maturities of Notes Payable
Future contractual maturities of notes payable as of March 31, 2018 are summarized as follows:
Creditor
Year 1
 
Year 2
 
Year 3
 
Year 4
 
Year 5
 
Thereafter
Encina Business Credit, LLC
$
900,000

 
$
15,125,000

 
$

 
$

 
$

 
$

Encina Business Credit SPV, LLC
4,239,388

 

 

 

 

 

Well Fargo Equipment Lease
9,698

 
10,169

 
9,754

 

 

 

Texas Citizens Bank
501,851

 
132,043

 

 

 

 

Various institutions
337,833

 

 

 

 

 

Totals
5,988,770

 
15,267,212

 
9,754

 

 

 

Deferred finance costs, net
(581,488
)
 
(512,710
)
 

 

 

 

Totals, net of deferred finance costs
$
5,407,282

 
$
14,754,502

 
$
9,754

 
$

 
$

 
$