Debt Disclosure [Text Block] | Note 4 . Senior Credit Facility, Subordinated Convertible Note, net - CD Financial, LLC and other Long Term Debt As of March 31, 2019 June 30, 2018, Principal Amount Interest Rate Maturity Date As of March 31, 2019 As of June 30, 2018 Revolving advances under Senior Credit Facility with PNC Bank, National Association $ 6,147 $ 4,894 5.50 % 5/15/2024 Installment Note with PNC Bank 1,267 1,672 6.00 % 5/15/2024 Installment Note with PNC Equipment Finance 32 101 4.57 % 7/29/2019 Promissory Note with CD Financial, LLC 1,714 1,714 6.00 % 5/15/2019 Promissory Note with Vitamin Realty, LLC 686 686 4.00 % 5/15/2019 Capitalized lease obligations 328 269 4.01% - 12/1/2019- 2/1/2021 Total outstanding debt 10,174 9,336 Less: Revolving Advances (6,147 ) (4,894 ) Prepaid financing costs (25 ) (45 ) Current portion of long term debt, net (1,014 ) (773 ) Long term debt, net $ 2,988 $ 3,624 Convertible Note payable - CD Financial, LLC $ - $ 5,350 6.00 % 7/24/2018 Less: Discount for embedded derivative - (66 ) Prepaid financing costs - (15 ) Convertible Note payable, net - CD Financial, LLC $ - $ 5,269 SENIOR CREDIT FACILITY On May 15, 2019, June 27, 2012, February 19, 2016, The Amended Loan Agreement provides for a total of $11,585 $8,000 $3,585 2.50%. 3.00%. As of March 31, 2019, $4,500 $1,200 March 31, 2019 June 30, 2018 2.75% 3.25% March 31, June 30, 2019 2018 Revolving Credit Facility: Base Rate Interest 5.50 % 5.00 % Eurodollar Rate 5.24063 % n/a Term Loan: Base Rate Interest 6.00 % 5.50 % Eurodollar Rate 5.74063 % n/a Upon and after the occurrence of any event of default under the Amended Loan Agreement, and during the continuation thereof, interest shall be payable at the interest rate then applicable plus 2%. May 15, 2024 ( The principal balance of the Revolving Advances is payable on the Senior Maturity Date, subject to acceleration, based upon a material adverse event clause, as defined, subjective accelerations for borrowing base reserves, as defined or upon the occurrence of any event of default under the Amended Loan Agreement or earlier termination of the Amended Loan Agreement pursuant to the terms thereof. The Term Loan shall be repaid in eighty-four 84 first eighty-three 83 $43, first June, 2019, first The Revolving Advances are subject to the terms and conditions set forth in the Amended Loan Agreement and are made in aggregate amounts at any time equal to the lesser of ( x $8.0 85%, 75%, 85% one may The Amended Loan Agreement contains customary mandatory prepayment provisions, including, without limitation the requirement to use any sales proceeds from the sale of iBio Stock to repay the Term Loan and to prepay the outstanding amount of the Term Note in an amount equal to twenty-five 25% June 30, 2016, not one hundred twenty 120 maturities thereof. The Amended Loan Agreement also contains customary representations and warranties, covenants and events of default, including, without limitation, (i) a fixed charge coverage ratio maintenance requirement and (ii) an event of default tied to any change of control as defined in the Amended Loan Agreement. As of March 31, 2019, 25% June 30, 2016. In connection with the Senior Credit Facility, PNC and CD Financial entered into the Intercreditor and Subordination Agreement (the “Intercreditor Agreement”), which was acknowledged by the Borrowers, pursuant to which, among other things, (a) the lien of CD Financial on assets of the Borrowers is subordinated to the lien of PNC on such assets during the effectiveness of the Senior Credit Facility, and (b) priorities for payment of the debt for the Company and its subsidiaries (as described in this Note 4 In addition, in connection with the Senior Credit Facility, the following loan documents were executed: (i) a Stock Pledge Agreement with PNC, pursuant to which the Company pledged to PNC the iBio Stock; (ii) a Mortgage and Security Agreement with PNC with IHT Properties; and (iii) an Environmental Indemnity Agreement with PNC. CD FINANCIAL, LLC On June 27, 2012, February 21, 2008, 9.5% $4,500 $5,350 $1,714 July 7, 2017, February 19, 2016, February 29, 2020. The CD Notes are secured by all assets of the Borrowers, including, without limitation, machinery and equipment, real estate owned by IHT Properties, and iBio Stock owned by the Company. The CD Notes bear interest at an annual rate of 6% 10%. The CD Convertible Note is convertible at the option of CD Financial into common stock of the Company at a conversion price of $0.65 Pursuant to the terms of the Amended Loan Agreement and the Intercreditor Agreement, during the effectiveness of the Senior Credit Facility, (i) the principal of the CD Convertible Note may not may may The CD SPA contains customary representations and warranties, covenants and events of default, including, without limitation, an event of default tied to any change of control as defined in the CD SPA. In connection with the CD SPA, the Borrowers entered into an Amended and Restated Security Agreement and Amended and Restated Subsidiary Guaranty. On May 15, 2019, $1,718. On July 31, 2018, 8,230,769 3 $0.65 $0.65 As of June 30, 2018, $9 March 31, 2019 July 24, 2018. OTHER LONG TERM DEBT Related Party Debt. June 27, 2012, $686 January 10, 1997, 225 6. February 29, 2020, February 19, 2016. 4% first may On May 15, 2019, $689. ITAMIN Capitalized Lease Obligations. February 1, 2019, $233, February 1, 2021. $233, $233 $10 7.28%. On February 1, 2019, March 17, 2017 $158, $7 3.86%. |