Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.22.2.2
DEBT (Tables)
6 Months Ended
Jun. 30, 2022
DEBT  
Summary of debt obligations

June 30, 

December 31, 

    

2022

    

2021

Paycheck Protection Program loan

$

$

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

 

896

705

Total convertible debt

 

2,763

 

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

326

176

Less: net debt issuance costs

(467)

(547)

Total Centurion debt

 

9,655

 

9,425

Total debt

 

12,418

 

13,684

Less: current portion of debt

 

 

(515)

Long-term debt

$

12,418

$

13,169

Schedule of accretion expense and interest expense related to debt obligations

The following table depicts accretion expense and interest expense (excluding debt issuance cost amortization) related to the Company’s debt obligations for the three and six months ended June 30, 2022 and 2021 (in thousands):

Three Months Ended June 30, 

Six Months Ended June 30, 

2022

    

2021

2022

    

2021

Accretion expense

  

 

  

  

 

  

Convertible debenture

$

95

$

95

$

191

$

190

Centurion debenture

 

76

 

25

 

150

25

$

171

$

120

$

341

$

215

Interest expense

Convertible debenture

$

77

$

77

$

221

$

154

Centurion debenture

 

284

 

46

 

548

 

46

$

361

$

123

$

769

$

200

Schedule of future minimum principal payments

As of June 30, 2022, future minimum principal payments are summarized as follows (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

 

896

 

326

Less: net debt issuance costs

(467)

$

2,763

$

9,655