|9 Months Ended|
Sep. 30, 2015
|Debt Disclosure [Abstract]|
4. Long-term debt
JP Morgan Chase debt
In November 2014, the Company secured a primary banking relationship that provides access to a $15,000 working capital revolving line of credit, and treasury and cash management services through commercial banking with JP Morgan Chase. This agreement is a three year working capital revolving line of credit which replaces the previous loan facility the Company maintained with Comerica. The interest rate on outstanding debt balances will be the London Interbank Offer Rate (LIBOR) plus 1.25%. The Company is required to maintain a tangible net worth not less than $90,000 and EBITDA of $10,000 for any period of four consecutive quarters commencing with the four-quarter test period ended September 30, 2014. Beginning with the second quarter of 2016, the EBITDA will increase to a $12,500 minimum calculation. As of September 30, 2015, the Company had $29,300 in EBITDA and was required to have $10,000. In addition, the Company had a tangible net worth of $129,700 and was required to have $90,000.
The contractual obligations schedule below relates to the acquisition of patents from APC which are reflected in intangible assets and were acquired in 2011.
As of September 30, 2015, the minimum aggregate payments due under non-cancelable debt are summarized as follows:
The entire disclosure for long-term debt.
Reference 1: http://www.xbrl.org/2003/role/presentationRef