| Summary of debt obligations |
|
|
|
|
|
|
|
|
|
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 |
|
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 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 |
|
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 |
|