| 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 |
|