General form of registration statement for all companies including face-amount certificate companies

DEBT (Tables)

v3.24.1.1.u2
DEBT (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Summary of debt obligations

March 31, 

December 31, 

    

2024

    

2023

Face value of convertible debt

$

3,450

$

3,450

Less: principal converted to common shares

(394)

(60)

Less: deemed fair value ascribed to conversion feature and warrants

 

(859)

 

(1,523)

Plus: accretion of implied interest

 

851

1,467

Total convertible debt

 

3,048

 

3,334

Face value of Centurion debt

10,918

11,000

Less: deemed fair value ascribed to warrants

(1,204)

(1,204)

Plus: accretion of implied interest

851

776

Less: unamortized debt issuance costs

(187)

(227)

Total Centurion debt

 

10,378

 

10,345

Total debt

 

13,426

 

13,679

Less: current portion of debt

 

(13,426)

 

(13,679)

Long-term debt

$

$

As of December 31, 2023, and 2022, the Company’s debt obligations are summarized as follows (stated in thousands):

December 31, 

December 31, 

    

2023

    

2022

Face value of convertible debt

$

3,450

$

3,450

Less: principal converted to common shares

(60)

(60)

Less: deemed fair value ascribed to conversion feature and warrants

 

(1,523)

 

(1,523)

Plus: accretion of implied interest

 

1,467

1,086

Total convertible debt

 

3,334

 

2,953

Face value of Centurion debt

11,000

11,000

Less: deemed fair value ascribed to warrants

(1,204)

(1,204)

Plus: accretion of implied interest

776

476

Less: unamortized debt issuance costs

(227)

(386)

Total Centurion debt

 

10,345

 

9,886

Total debt

 

13,679

 

12,839

Less: current portion of debt

 

(13,679)

 

(965)

Long-term debt

$

$

11,874

Schedule of future minimum principal payments

As of March 31, 2024, future minimum principal payments are summarized as follows (in thousands):

    

Convertible

    

 

Debt

 

Debenture

Principal due in 2024

$

3,056

$

10,918

Less: fair value ascribed to conversion feature and warrants

 

(859)

 

(1,204)

Plus: accretion and implied interest

 

851

 

851

Less: debt issuance costs

(187)

$

3,048

$

10,378

As of December 31, 2023, future minimum principal payments are summarized as follows (stated in thousands):

    

Convertible

    

 

Debt

 

Debenture

Principal due in 2024

$

3,390

$

11,000

Less: fair value ascribed to conversion feature and warrants

 

(1,523)

 

(1,204)

Plus: accretion and implied interest

 

1,467

 

776

Less: debt issuance costs

(227)

$

3,334

$

10,345

Schedule of accretion expense and interest expense related to debt obligations

    

Three Months Ended March 31, 

2024

    

2023

Accretion expense

  

 

  

Convertible debt

$

27

$

95

Centurion debt

 

75

75

$

102

$

170

Debt issuance cost amortization

  

 

  

Centurion debt

$

40

$

39

Interest paid

Convertible debt

$

$

174

Centurion debt

 

668

 

376

$

668

$

550

The following table depicts accretion expense, debt issuance cost amortization and interest expense related to the Company’s debt obligations for the years ended December 31, 2023, and 2022 (in thousands):

Year Ended December 31, 

    

2023

    

2022

Accretion expense

  

 

  

Convertible debt

$

381

$

381

Centurion debt

 

300

300

$

681

$

681

Debt issuance cost amortization

  

 

  

Centurion debt

$

159

$

161

Interest paid

Convertible debt

$

221

$

221

Centurion debt

 

1,278

 

1,230

$

1,499

$

1,451