| 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 |
|
As of December 31, 2020 and 2019, the Company’s debt obligations are summarized as follows (stated in thousands):
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2020 |
|
2019 |
Bank line of credit |
|
$ |
1,978 |
|
$ |
1,000 |
Bank promissory note |
|
|
2,122 |
|
|
1,418 |
|
|
|
4,100 |
|
|
2,418 |
Face value of convertible debenture |
|
|
3,450 |
|
|
965 |
Less: fair value ascribed to conversion feature and warrants |
|
|
(1,523) |
|
|
(564) |
Plus: accretion of implied interest |
|
|
324 |
|
|
5 |
|
|
|
2,251 |
|
|
406 |
Total debt |
|
|
6,351 |
|
|
2,824 |
Less: current portion of debt |
|
|
(4,100) |
|
|
(1,664) |
Long-term debt |
|
$ |
2,251 |
|
$ |
1,160 |
|
| 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 |
|
As of December 31, 2020, future minimum principal payments are summarized as follows (stated in thousands):
|
|
|
|
|
|
|
|
|
Bank |
|
Convertible |
|
|
|
Indebtedness |
|
Debt |
2021 |
|
$ |
4,100 |
|
$ |
— |
2022 |
|
|
— |
|
|
— |
2023 |
|
|
— |
|
|
965 |
2024 |
|
|
— |
|
|
2,485 |
2025 |
|
|
— |
|
|
— |
Total |
|
$ |
4,100 |
|
$ |
3,450 |
Less: fair value ascribed to conversion feature and warrants |
|
|
— |
|
|
(1,523) |
Plus: accretion and implied interest |
|
|
— |
|
|
324 |
|
|
$ |
4,100 |
|
$ |
2,251 |
|