Annual report pursuant to Section 13 and 15(d)

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Short-Term and Long-Term Debt

Note 5— Short-Term and Long-Term Debt


    As of December 31,     As of December 31,  
    2018     2017  
Promissory note   $ 500     $ -  
Current portion of long-term debt     12       11  
Total short-term borrowings and current portion of long-term debt   $ 512     $ 11  


Long-term debt consists of the following (in thousands):


    As of December 31,     As of December 31,  
    2018     2017  
Installment notes payable for equipment financing   $ 20     $ 31  
Less: current portion     (12 )     (11 )
Total long-term debt, net of current portion   $ 8     $ 20  


The following is a summary of scheduled debt maturities by year (in thousands): 


2019   $ 512  
2020     8  
Total long-term debt   $ 520  


On September 13, 2018, we entered into a Promissory Note and Mortgage and Security Agreement pursuant to which we borrowed the principal amount of $500 thousand from USA Growth Fund LLC. At closing, we received $459,269 in net proceeds after closing costs and other fees and costs. The Promissory Note, repayment of which is due on March 13, 2019, was issued in an aggregate principal amount of $500 thousand and bears interest at a fixed rate of 12% per annum during the initial 120 days of the term of the Promissory Note, and a fixed rate of 30% per annum until all amounts due under the Promissory Note are paid in full. Pursuant to the Mortgage and Security Agreement, repayment of the Promissory Note is secured by a first mortgage on the property located at 1612 East Cape Coral Parkway, Cape Coral, FL. 33904. On March 8th, 2019, we executed an extension of the maturity date to September 13, 2019.