| Schedule of debt |
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|
|
|
|
|
|
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|
|
September 30,
|
|
December
|
|
|
|
|
|
($ in thousands)
|
|
2019
|
|
31, 2018
|
|
Interest rate
|
|
Maturity
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
IDB Note(4)
|
|
$
|
14,929
|
|
$
|
14,929
|
|
2.25
|
%
|
Aug - 2020
|
|
2017 Subordinated Note Financing
|
|
|
3,254
|
|
|
3,254
|
|
8.00
|
% (3)
|
March - 2021
|
|
2017 Subordinated Note Financing
|
|
|
13,893
|
|
|
13,893
|
|
8.00
|
% (3)
|
May - 2021
|
|
2017 Subordinated Note Financing
|
|
|
1,820
|
|
|
1,820
|
|
8.00
|
% (3)
|
June - 2021
|
|
2017 Subordinated Note Financing
|
|
|
3,018
|
|
|
3,018
|
|
8.00
|
% (3)
|
August - 2021
|
|
2017 Subordinated Note Financing
|
|
|
6,371
|
|
|
6,371
|
|
8.00
|
% (3)
|
September - 2021
|
|
2018 Venture Notes
|
|
|
6,517
|
|
|
6,517
|
|
8.00
|
%
|
August - 2021
|
|
2018 Venture Notes
|
|
|
15,190
|
|
|
15,190
|
|
8.00
|
%
|
September - 2021
|
|
Opus Credit Facility(1)
|
|
|
9,000
|
|
|
9,500
|
|
12.00
|
%
|
September - 2021
|
|
Mustang Horizon Notes(2)
|
|
|
15,750
|
|
|
—
|
|
9.00
|
%
|
October - 2022
|
|
Caelum Convertible Note, at fair value
|
|
|
—
|
|
|
1,000
|
|
8.00
|
%
|
January - 2019
|
|
Caelum Convertible Note, at fair value
|
|
|
—
|
|
|
6,800
|
|
8.00
|
%
|
February - 2019
|
|
Caelum Convertible Note, at fair value
|
|
|
—
|
|
|
2,114
|
|
8.00
|
%
|
March - 2019
|
|
Total notes payable
|
|
|
89,742
|
|
|
84,406
|
|
|
|
|
|
Less: Discount on notes payable
|
|
|
5,728
|
|
|
4,903
|
|
|
|
|
|
Total notes payable
|
|
$
|
84,014
|
|
$
|
79,503
|
|
|
|
|
Note 1: Classified as short-term on the Company’s Consolidated Balance Sheet as of December 31, 2018.
Note 2: Interest rate is 9.0% plus one-month LIBOR Rate in excess of 2.5%.
Note 3: As a result of a one-year maturity date extension, the interest rate of 9% takes effect in year 4 of the note.
Note 4: Classified as short-term on the Company’s Consolidated Balance Sheet as of September 30, 2019.
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| Schedule of interest expense for all debt arrangements |
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Three Months Ended September 30,
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|
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2019
|
|
2018
|
|
($ in thousands)
|
|
Interest
|
|
Fees(1)
|
|
Total
|
|
Interest
|
|
Fees (1)
|
|
Total
|
|
IDB Note
|
|
$
|
86
|
|
$
|
—
|
|
$
|
86
|
|
$
|
85
|
|
$
|
—
|
|
$
|
85
|
|
2017 Subordinated Note Financing
|
|
|
1,072
|
|
|
326
|
|
|
1,398
|
|
|
1,060
|
|
|
331
|
|
|
1,391
|
|
Opus Credit Facility
|
|
|
275
|
|
|
104
|
|
|
379
|
|
|
288
|
|
|
105
|
|
|
393
|
|
2018 Venture Notes
|
|
|
438
|
|
|
166
|
|
|
604
|
|
|
438
|
|
|
136
|
|
|
574
|
|
LOC Fees
|
|
|
14
|
|
|
—
|
|
|
14
|
|
|
7
|
|
|
—
|
|
|
7
|
|
Helocyte Convertible Note
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
Caelum Convertible Note
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
198
|
|
|
—
|
|
|
198
|
|
Mustang Horizon Notes
|
|
|
345
|
|
|
234
|
|
|
579
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ximino Note
|
|
|
—
|
|
|
108
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Total Interest Expense and Financing Fee
|
|
$
|
2,230
|
|
$
|
938
|
|
$
|
3,168
|
|
$
|
2,085
|
|
$
|
572
|
|
$
|
2,657
|
Note 1: Amortization of fees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Nine Months Ended September 30,
|
|
|
|
2019
|
|
2018
|
|
($ in thousands)
|
|
Interest
|
|
Fees(1)
|
|
Total
|
|
Interest
|
|
Fees(1)
|
|
Total
|
|
IDB Note
|
|
$
|
254
|
|
$
|
—
|
|
$
|
254
|
|
$
|
254
|
|
$
|
—
|
|
$
|
254
|
|
2017 Subordinated Note Financing
|
|
|
3,148
|
|
|
1,081
|
|
|
4,229
|
|
|
3,157
|
|
|
1,013
|
|
|
4,170
|
|
Opus Credit Facility
|
|
|
840
|
|
|
336
|
|
|
1,176
|
|
|
853
|
|
|
525
|
|
|
1,378
|
|
2018 Venture Notes
|
|
|
1,299
|
|
|
468
|
|
|
1,767
|
|
|
923
|
|
|
281
|
|
|
1,204
|
|
LOC Fees
|
|
|
45
|
|
|
—
|
|
|
45
|
|
|
23
|
|
|
—
|
|
|
23
|
|
Helocyte Convertible Note
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
93
|
|
|
—
|
|
|
93
|
|
Caelum Convertible Note
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
589
|
|
|
—
|
|
|
589
|
|
Mustang Horizon Notes
|
|
|
698
|
|
|
466
|
|
|
1,164
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ximino Note
|
|
|
—
|
|
|
108
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61)
|
|
|
—
|
|
|
(61)
|
|
Total Interest Expense and Financing Fee
|
|
$
|
6,284
|
|
$
|
2,459
|
|
$
|
8,743
|
|
$
|
5,831
|
|
$
|
1,819
|
|
$
|
7,650
|
Note 1: Amortization of fees
|