Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v3.22.0.1
DEBT (Tables)
12 Months Ended
Dec. 31, 2021
DEBT  
Summary of debt obligations

As of December 31, 2021 and 2020, the Company’s debt obligations are summarized as follows (stated in thousands):

December 31, 

December 31, 

    

2021

    

2020

Central Bank line of credit

$

$

1,978

Central Bank promissory note

 

 

2,122

Paycheck Protection Program loan

 

1,687

 

Total

 

1,687

 

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

 

705

324

Total convertible debt

 

2,572

 

2,251

Face value of Centurion debenture

11,000

Less: deemed fair value ascribed to warrants

(1,204)

Plus: accretion of implied interest

176

Less: net debt issuance costs

(547)

Total Centurion debt

 

9,425

 

Total debt

 

13,684

 

6,351

Less: current portion of debt

 

(515)

 

(4,100)

Long-term debt

$

13,169

$

2,251

Schedule of future minimum principal payments

As of December 31, 2021, future minimum principal payments are summarized as follows (stated in thousands):

    

    

PPP

    

Convertible

    

Bank

 

 

Loan

 

Debt

 

Indebtedness

2022

$

515

$

$

2023

 

372

 

965

 

2024

 

372

 

2,425

 

2025

 

372

 

 

11,000

2026

 

56

 

 

Thereafter

Total

1,687

3,390

11,000

Less: fair value ascribed to conversion feature and warrants

 

 

(1,523)

 

(1,204)

Plus: accretion and implied interest

 

 

705

 

176

Less: net debt issuance costs

(547)

$

1,687

$

2,572

$

9,425