Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Debt

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Note 9 - Debt
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Debt Disclosure [Text Block]
Note
9:
Debt
 
Notes Payable
 
During
2015,
the Company issued
12
notes payable, which matured through
February 2017,
totaling
$800,350
as a portion of the consideration paid in connection with the Company’s various acquisitions. Interest rates ranged from
1.5%
to
5.25%.
 
During
2016,
the Company issued
two
notes payable totaling
$186,000
as a portion of the consideration paid in connection with the Company’s various acquisitions. Interest rates for both notes are
4.25%
with maturities through
May
of
2017.
There is
one
outstanding note which will be paid upon execution of a final settlement and release agreement between the parties.
 
Maturities of notes payable are as follows as of
September 30, 2018:
 
2018 (remainder)   $
100,000
 
Total   $
100,000
 
 
Credit and Security Agreement
 
On
January 3, 2017,
the Company entered into a Credit and Security Agreement (the “Credit Agreement”) and signed a revolving credit note payable to the lender. Under the Credit Agreement, the Company is able to borrow up to an aggregate of
$5,000,000
under revolving loans. Interest on the unpaid outstanding principal amount of any revolving loans is at a rate equal to
10%
per annum, provided that the minimum amount of interest paid in the aggregate on all revolving loans granted over the term of the Credit Agreement is
$200,000.
Interest is due and payable on the last day of each fiscal quarter in an amount determined by the Company, but
not
less than
$25,000.
The Credit Agreement terminates in
December 2019,
unless sooner terminated in accordance with the provisions of the Credit Agreement. The Credit Agreement is collateralized by the assets in the Company’s company-owned or managed clinics. The Company is using the credit facility for general working capital needs. As of
September 30, 2018,
the Company had drawn
$1,000,000
of the
$5,000,000
available under the Credit Agreement.