Quarterly report pursuant to Section 13 or 15(d)

Debt and Interest (Tables)

v3.20.1
Debt and Interest (Tables)
3 Months Ended
Mar. 31, 2020
Debt and Interest  
Schedule of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

    

March 31, 

    

December

    

 

    

 

($ in thousands)

 

2020

 

31, 2019

 

Interest rate

 

Maturity

IDB Note

 

$

14,929

 

$

14,929

 

2.25

%  

Aug - 2021

2017 Subordinated Note Financing

 

 

3,254

 

 

3,254

 

8.00

%  3

March - 2022

2017 Subordinated Note Financing

 

 

13,893

 

 

13,893

 

8.00

%  3

May - 2022

2017 Subordinated Note Financing

 

 

1,820

 

 

1,820

 

8.00

%  3

June - 2022

2017 Subordinated Note Financing

 

 

3,018

 

 

3,018

 

8.00

%  3

August - 2022

2017 Subordinated Note Financing

 

 

6,371

 

 

6,371

 

8.00

%  3 

September - 2022

2018 Venture Notes

 

 

6,517

 

 

6,517

 

8.00

%  

August - 2021

2018 Venture Notes

 

 

15,190

 

 

15,190

 

8.00

%  

September - 2021

2019 Notes1

 

 

9,000

 

 

9,000

 

12.00

%  

September - 2021

Mustang Horizon Notes2

 

 

15,750

 

 

15,750

 

9.00

%  

October - 2022

Total notes payable

 

 

89,742

 

 

89,742

 

  

 

  

Less: Discount on notes payable

 

 

4,354

 

 

5,086

 

  

 

  

Total notes payable

 

$

85,388

 

$

84,656

 

  

 

  

 

Note 1: Formerly the Opus Credit Facility

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 effective 2020, the interest rate increased by 1% to 9.0%.

Note 4: At March 31, 2020 and December 31,2019, $11.4 million and $6.0 million, respectively are included in Notes payable, short-term on the condensed consolidated balance sheets.

 

Schedule of interest expense for all debt arrangements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

2020

 

2019

($ in thousands)

    

Interest

    

Fees 1

    

Total

    

Interest

    

Fees 1

    

Total

IDB Note

 

$

84

 

$

 —

 

$

84

 

$

83

 

$

 —

 

$

83

2017 Subordinated Note Financing

 

 

1,084

 

 

312

 

 

1,396

 

 

1,028

 

 

363

 

 

1,391

2019 Notes

 

 

269

 

 

 —

 

 

269

 

 

281

 

 

113

 

 

394

2018 Venture Notes

 

 

433

 

 

176

 

 

609

 

 

429

 

 

146

 

 

575

LOC Fees

 

 

15

 

 

 —

 

 

15

 

 

15

 

 

 —

 

 

15

Mustang Horizon Notes

 

 

341

 

 

259

 

 

600

 

 

11

 

 

 —

 

 

11

Note Payable2

 

 

150

 

 

 —

 

 

150

 

 

 —

 

 

 —

 

 

 —

Other

 

 

 2

 

 

 —

 

 

 2

 

 

 —

 

 

 —

 

 

 —

Total Interest Expense and Financing Fee

 

$

2,378

 

$

747

 

$

3,125

 

$

1,847

 

$

622

 

$

2,469

 

Note 1: Amortization of fees

Note 2: Imputed interest expense related to Ximino purchase (see Note 9).