Assure Holdings Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

DEBT (Tables)

9 Months Ended

Sep. 30, 2022


	September 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		990		705
Total convertible debt		2,857		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		402		176
Less: net debt issuance costs		(427)		(547)
Total Centurion debt		9,771		9,425
Total debt		12,628		13,684
Less: current portion of debt		—		(515)
Long-term debt	$	12,628	$	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 nine months ended September 30, 2022 and 2021 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Accretion expense
Convertible debenture	$	95	$	95	$	285	$	285
Centurion debenture		75		76		226		101
	$	170	$	171	$	511	$	386

Interest paid
Convertible debenture	$	—	$	—	$	221	$	220
Centurion debenture		324		190		872		236
	$	324	$	190	$	1,093	$	456

Schedule of future minimum principal payments

As of September 30, 2022, future minimum principal payments are summarized as follows (in thousands):


	Convertible
		Debt	Debenture
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		990		402
Less: net debt issuance costs		—		(427)
	$	2,857	$	9,771

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details