Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.22.1
DEBT (Tables)
3 Months Ended
Mar. 31, 2022
DEBT  
Summary of debt obligations

March 31, 

December 31, 

    

2022

    

2021

Paycheck Protection Program loan

$

$

1,687

Total

 

1,687

Face value of convertible debenture

 

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

 

800

705

Total convertible debt

 

2,667

 

2,572

Face value of Centurion debenture

11,000

11,000

Less: deemed fair value ascribed to warrants

(1,204)

(1,204)

Plus: accretion of implied interest

251

176

Less: net debt issuance costs

(507)

(547)

Total Centurion debt

 

9,540

 

9,425

Total debt

 

12,207

 

13,684

Less: current portion of debt

 

 

(515)

Long-term debt

$

12,207

$

13,169

Schedule of future minimum principal payments

As of March 31, 2022, future minimum principal payments are summarized as follows (stated in thousands):

    

Convertible

    

Bank

 

Debt

 

Indebtedness

Remainder of 2022

$

$

2023

 

965

 

2024

 

2,425

 

2025

 

 

11,000

Total

3,390

11,000

Less: fair value ascribed to conversion feature and warrants

 

(1,523)

 

(1,204)

Plus: accretion and implied interest

 

800

 

251

Less: net debt issuance costs

(507)

$

2,667

$

9,540