Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v3.23.1
DEBT (Tables)
12 Months Ended
Dec. 31, 2022
DEBT  
Summary of debt obligations

As of December 31, 2022 and 2021, the Company’s debt obligations are summarized as follows (stated in thousands):

December 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

 

1,086

705

Total convertible debt

 

2,953

 

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

476

176

Less: net debt issuance costs

(386)

(547)

Total Centurion debt

 

9,886

 

9,425

Total debt

 

12,839

 

13,684

Less: current portion of debt

 

(965)

 

(515)

Long-term debt

$

11,874

$

13,169

Schedule of accretion expense and interest expense related to debt obligations

The following table depicts accretion expense, debt issuance cost amortization and interest expense related to the Company’s debt obligations for the years ended December 31, 2022 and 2021 (in thousands):

Year Ended December 31, 

2022

    

2021

Accretion expense

  

 

  

Convertible debenture

$

381

$

381

Centurion debenture

 

300

175

$

681

$

556

Debt issuance cost amortization

  

 

  

Centurion debenture

$

161

$

93

Interest paid

Convertible debenture

$

221

$

304

Centurion debenture

 

1,230

 

456

$

1,451

$

760

Schedule of future minimum principal payments

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

    

Convertible

    

 

Debt

 

Debenture

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

 

1,086

 

476

Less: net debt issuance costs

(386)

$

2,953

$

9,886