Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.21.2
DEBT (Tables)
9 Months Ended
Sep. 30, 2021
DEBT  
Summary of debt obligations

September 30, 

December 31, 

    

2021

    

2020

Central Bank line of credit

$

$

1,978

Central Bank promissory note

 

 

2,122

PPP promissory note

 

1,665

 

Total

 

1,665

 

4,100

Face value of convertible debenture

 

3,450

 

3,450

Less: principal converted to common shares

(60)

Less: deemed fair value ascribed to conversion feature and warrants

 

(1,523)

 

(1,523)

Plus: accretion of implied interest

 

610

324

Total convertible debt

 

2,477

 

2,251

Face value of Centurion debenture

8,000

Less: deemed fair value ascribed to warrants

(1,204)

Plus: accretion of implied interest

100

Less: net debt issuance costs

(587)

Total Centurion debt

 

6,309

 

Total debt

 

10,451

 

6,351

Less: current portion of debt

 

 

(4,100)

Long-term debt

$

10,451

$

2,251

Schedule of future minimum principal payments

As of September 30, 2021, future minimum principal payments are summarized as follows (stated in thousands):

    

    

PPP

    

Convertible

    

Bank

 

 

Loan

 

Debt

 

Indebtedness

Remainder 2021

$

$

$

2022

 

 

 

2023

 

 

965

 

2024

 

 

2,425

 

2025

 

 

 

8,000

2026

1,665

Total

1,665

3,390

8,000

Less: fair value ascribed to conversion feature and warrants

 

 

(1,523)

 

(1,204)

Plus: accretion and implied interest

 

 

610

 

100

Less: net debt issuance costs

(587)

$

1,665

$

2,477

$

6,309