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Master Credit Facility</div> <div><br /> </div> <div style="text-align: justify; font: 10pt Times New Roman, Times, serif">On March 30, 2016, the Company entered into a Master Credit Facility with White Winston Select Asset Funds, LLC (&#8220;White Winston&#8221;), a private investment fund, pursuant to which the Company was granted a revolving credit facility (the &#8220;Master Credit Facility&#8221;) in the aggregate amount of up to $5,000,000. On June 30, 2016 (the &#8220;Closing Date&#8221;), the Company closed the Master Credit Facility and an initial disbursement of $1,572,576 (before reduction of related fees and expenses, or $1,022,623 of net proceeds) was made pursuant to the Master Credit Facility. Advances under the Master Credit Facility were issued at 95% of par value (the &#8220;Debt Discount&#8221;), with such Debt Discount deducted from the gross amount of the proceeds available under the Master Credit Facility at Closing and recorded as a debt issuance cost. White Winston could make advances under the Master Credit Facility provided that the aggregate principal amount outstanding under the Master Credit Facility did not exceed 75% of the then-outstanding balance of the Company&#8217;s customer receivables (as defined in the Master Credit Facility). During the year ended December 31, 2016, the Company received additional advances in the aggregate amount of $586,786. The Master Credit Facility was to mature on June 30, 2018 and bore interest at a rate of 8.0% per annum. Interest was payable monthly in arrears. In addition, from and after the first anniversary of the date of the Master Credit Facility and continuing until the Master Credit Facility was repaid in full, the Company was required to pay an additional fee of 3.0% on the average daily unborrowed portion of the Master Credit Facility. The fee was payable quarterly in arrears. On November 7, 2016, in connection with the closing of the CFL Transaction described below, the Company (i) repaid in full amounts owed under the Master Credit Facility and (ii) terminated the Master Credit Facility and related agreements between the Company and White Winston, including the Board Representation Agreement. 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If an event of default had occurred and was continuing, White Winston had the right to designate two additional nominees for election to the Company&#8217;s Board of Directors. 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In consideration for the Amendment, the Company agreed that the Pro Rata Warrant would be fully exercisable, notwithstanding the pro rata formula set forth in the warrant, and paid a fee of $15,000. 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During the year ended December 31, 2016, accretion of the costs amounted to $97,933.</div> <div><br /> </div> <div style="text-align: justify; font: 10pt Times New Roman, Times, serif">The Company incurred cash fees associated with the closing of the Master Credit Facility of $744,214. These amounts were treated as a debt issue cost and, accordingly, were recorded as a direct deduction from the carrying amount of Master Credit Facility and were being amortized to interest expense over the contractual term of the Master Credit Facility. 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