| Schedule of Debt |
Total debt consists of the following as of June 30, 2021 and December 31, 2020:
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June 30, |
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December 31, |
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($ in thousands) |
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2021 |
|
2020 |
|
Interest rate |
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Maturity |
|
|
(Unaudited) |
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|
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Total notes payable - Oaktree Note |
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$ |
60,000 |
|
$ |
60,000 |
|
11.00 |
% |
August - 2025 |
Less: Discount on notes payable |
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|
(7,737) |
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|
(8,323) |
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|
|
|
Total notes payable |
|
$ |
52,263 |
|
$ |
51,677 |
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| Schedule of partner company installment payments - licenses |
The following tables show the details of partner company installment payments – licenses for the periods presented.
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June 30, 2021 |
($ in thousands) |
|
Ximino 1 |
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Accutane 2 |
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Anti-Itch Product 3 |
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Total |
Partner company installment payments - licenses, short-term |
|
$ |
2,000 |
|
$ |
1,000 |
|
$ |
1,500 |
|
$ |
4,500 |
Less: imputed interest |
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|
(517) |
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|
(101) |
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|
(21) |
|
|
(639) |
Sub-total partner company installment payments - licenses, short-term |
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$ |
1,483 |
|
$ |
899 |
|
$ |
1,479 |
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$ |
3,861 |
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Partner company installment payments - licenses, long-term |
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$ |
5,000 |
|
$ |
2,000 |
|
$ |
— |
|
$ |
7,000 |
Less: imputed interest |
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|
(519) |
|
|
(46) |
|
|
— |
|
|
(565) |
Sub-total partner company installment payments - licenses, long-term |
|
$ |
4,481 |
|
$ |
1,954 |
|
$ |
— |
|
$ |
6,435 |
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|
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|
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|
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Total partner company installment payments - licenses |
|
$ |
5,964 |
|
$ |
2,853 |
|
$ |
1,479 |
|
$ |
10,296 |
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December 31, 2020 |
($ in thousands) |
|
Ximino 1 |
|
Accutane 2 |
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Anti-Itch Product 3 |
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Total |
Partner company installment payments - licenses, short-term |
|
$ |
2,000 |
|
$ |
500 |
|
$ |
2,800 |
|
$ |
5,300 |
Less: imputed interest |
|
|
(602) |
|
|
(122) |
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|
(54) |
|
|
(778) |
Sub-total partner company installment payments - licenses, short-term |
|
$ |
1,398 |
|
$ |
378 |
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$ |
2,746 |
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$ |
4,522 |
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Partner company installment payments - licenses, long-term |
|
$ |
5,000 |
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$ |
3,000 |
|
$ |
1,000 |
|
$ |
9,000 |
Less: imputed interest |
|
|
(775) |
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|
(88) |
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|
— |
|
|
(863) |
Sub-total partner company installment payments - licenses, long-term |
|
$ |
4,225 |
|
$ |
2,912 |
|
$ |
1,000 |
|
$ |
8,137 |
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Total partner company installment payments - licenses |
|
$ |
5,623 |
|
$ |
3,290 |
|
$ |
3,746 |
|
$ |
12,659 |
Note 1: |
Imputed interest rate of 11.96% and maturity date of July 22, 2024. |
Note 2: Imputed interest rate of 4.03%and maturity date of July 29, 2023.
Note 3: Imputed interest rate of 4.25%and maturity date of January 1, 2022.
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| Interest Expense for all Debt Arrangements |
The following table shows the details of interest expense for all debt arrangements during the periods presented. Interest expense includes contractual interest; fees include amortization of the debt discount and amortization of fees associated with loan transaction costs, amortized over the life of the loan.
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Three Months Ended June 30, |
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2021 |
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2020 |
($ in thousands) |
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Interest |
|
Fees1 |
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Total |
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Interest |
|
Fees1 |
|
Total |
IDB Note |
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$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
85 |
|
$ |
— |
|
$ |
85 |
2017 Subordinated Note Financing |
|
|
— |
|
|
— |
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|
— |
|
|
1,092 |
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|
204 |
|
|
1,296 |
2019 Notes |
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|
— |
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|
— |
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|
— |
|
|
269 |
|
|
— |
|
|
269 |
2018 Venture Notes |
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|
— |
|
|
— |
|
|
— |
|
|
433 |
|
|
186 |
|
|
619 |
LOC Fees |
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|
14 |
|
|
— |
|
|
14 |
|
|
16 |
|
|
— |
|
|
16 |
Mustang Horizon Notes |
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|
— |
|
|
— |
|
|
— |
|
|
349 |
|
|
270 |
|
|
619 |
Oaktree Note |
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|
1,669 |
|
|
324 |
|
|
1,993 |
|
|
— |
|
|
— |
|
|
— |
Partner company convertible preferred shares |
|
|
— |
|
|
270 |
|
|
270 |
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|
— |
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|
— |
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|
— |
Partner company dividend payable |
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|
263 |
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|
— |
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|
263 |
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|
— |
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|
— |
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— |
Partner company installment payments - licenses 2 |
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|
220 |
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— |
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|
220 |
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|
155 |
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|
— |
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|
155 |
Other |
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— |
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— |
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— |
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— |
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|
— |
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— |
Total Interest Expense and Financing Fee |
|
$ |
2,166 |
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$ |
594 |
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$ |
2,760 |
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$ |
2,399 |
|
$ |
660 |
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$ |
3,059 |
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Six Months Ended June 30, |
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|
2021 |
|
2020 |
($ in thousands) |
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Interest |
|
Fees1 |
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Total |
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Interest |
|
Fees1 |
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Total |
IDB Note |
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$ |
— |
|
$ |
— |
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$ |
— |
|
$ |
169 |
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|
- |
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$ |
169 |
2017 Subordinated Note Financing |
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|
— |
|
|
— |
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|
— |
|
|
2,176 |
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|
516 |
|
|
2,692 |
2019 Notes |
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— |
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— |
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— |
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|
538 |
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— |
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|
538 |
2018 Venture Notes |
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|
— |
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|
— |
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|
— |
|
|
866 |
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|
362 |
|
|
1,228 |
LOC Fees |
|
|
23 |
|
|
— |
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|
23 |
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|
31 |
|
|
— |
|
|
31 |
Mustang Horizon Notes |
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|
— |
|
|
— |
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|
— |
|
|
690 |
|
|
529 |
|
|
1,219 |
Oaktree Note |
|
|
3,319 |
|
|
633 |
|
|
3,952 |
|
|
— |
|
|
— |
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|
— |
Partner company convertible preferred shares |
|
|
— |
|
|
270 |
|
|
270 |
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|
— |
|
|
— |
|
|
— |
Partner company dividend payable |
|
|
263 |
|
|
— |
|
|
263 |
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|
— |
|
|
— |
|
|
— |
Partner company installment payments - licenses 2 |
|
|
441 |
|
|
— |
|
|
441 |
|
|
305 |
|
|
— |
|
|
305 |
Other |
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— |
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— |
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— |
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2 |
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— |
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|
2 |
Total Interest Expense and Financing Fee |
|
$ |
4,046 |
|
$ |
903 |
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$ |
4,949 |
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$ |
4,777 |
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$ |
1,407 |
|
$ |
6,184 |
Note 1: |
Amortization of fees in connection with debt raises. |
Note 2: Imputed interest expense related to Ximino, Accutane and inti-itch cream acquisitions.
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