Assure Holdings Corp. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

DEBT (Tables)

12 Months Ended

Dec. 31, 2022

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

- 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