Quarterly report pursuant to Section 13 or 15(d)

Debt and Interest (Tables)

v3.20.2
Debt and Interest (Tables)
6 Months Ended
Jun. 30, 2020
Debt and Interest  
Schedule of debt

    

June 30, 

    

December

    

    

($ in thousands)

2020

31, 2019

Interest rate

Maturity

IDB Note

$

14,929

$

14,929

 

2.25

%  

Aug - 2021

2017 Subordinated Note Financing3

 

3,254

 

3,254

 

8.00

%

March - 2022

2017 Subordinated Note Financing3

 

13,893

 

13,893

 

8.00

%

May - 2022

2017 Subordinated Note Financing3

 

1,820

 

1,820

 

8.00

%

June - 2022

2017 Subordinated Note Financing3

 

3,018

 

3,018

 

8.00

%

August - 2022

2017 Subordinated Note Financing

 

6,371

 

6,371

 

8.00

%

September - 2022

2018 Venture Notes4

 

6,517

 

6,517

 

8.00

%  

August - 2021

2018 Venture Notes4

 

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

 

3,762

 

5,086

 

  

 

  

Total notes payable

$

85,980

$

84,656

 

  

 

  

Note 1:

Formerly the Opus Credit Facility (see Note 16.)

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%. As a result of a second one-year maturity date extension effective 2021, the interest rate will increase by 1% to 10.0%.

Note 4:

At June 30, 2020 and December 31,2019, $16.8 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 June 30,

2020

2019

($ in thousands)

    

Interest

    

Fees 1

    

Total

    

Interest

    

Fees 1

    

Total

IDB Note

$

85

$

$

85

$

85

$

$

85

2017 Subordinated Note Financing

 

1,092

 

204

 

1,296

 

1,048

 

392

 

1,440

2019 Notes

269

269

284

119

403

2018 Venture Notes

 

433

 

186

 

619

 

432

 

156

 

588

LOC Fees

 

16

 

 

16

 

16

 

 

16

Mustang Horizon Notes

 

349

 

270

 

619

 

342

 

232

 

574

Note Payable2

155

155

Total Interest Expense and Financing Fee

$

2,399

$

660

$

3,059

$

2,207

$

899

$

3,106

Six Months Ended June 30, 

2020

2019

($ in thousands)

    

Interest

    

Fees 1

    

Total

    

Interest

    

Fees 1

    

Total

IDB Note

$

169

$

$

169

$

168

$

-

$

168

2017 Subordinated Note Financing

 

2,176

 

516

 

2,692

 

2,076

 

755

 

2,831

2019 Notes

 

538

 

 

538

 

565

 

232

 

797

2018 Venture Notes

 

866

 

362

 

1,228

 

861

 

302

 

1,163

LOC Fees

 

31

 

 

31

 

31

 

 

31

Mustang Horizon Notes

 

690

 

529

 

1,219

 

353

 

232

 

585

Note Payable2

305

305

Other

 

2

 

 

2

 

Total Interest Expense and Financing Fee

$

4,777

$

1,407

$

6,184

$

4,054

$

1,521

$

5,575

Note 1:

Amortization of fees

Note 2:

Imputed interest expense related to Ximino purchase.