Quarterly report pursuant to Section 13 or 15(d)

Debt and Interest (Tables)

v3.21.2
Debt and Interest (Tables)
6 Months Ended
Jun. 30, 2021
Debt and Interest  
Schedule of Debt

Total debt consists of the following as of June 30, 2021 and December 31, 2020:

    

June 30, 

    

December 31,

    

    

($ in thousands)

2021

2020

Interest rate

Maturity

(Unaudited)

Total notes payable - Oaktree Note

$

60,000

$

60,000

 

11.00

%

August - 2025

Less: Discount on notes payable

 

(7,737)

 

(8,323)

 

  

 

  

Total notes payable

$

52,263

$

51,677

 

  

 

  

Schedule of partner company installment payments - licenses

The following tables show the details of partner company installment payments – licenses for the periods presented.

June 30, 2021

($ in thousands)

    

Ximino 1

    

Accutane 2

    

Anti-Itch Product 3

    

Total

Partner company installment payments - licenses, short-term

$

2,000

$

1,000

$

1,500

$

4,500

Less: imputed interest

(517)

(101)

(21)

(639)

Sub-total partner company installment payments - licenses, short-term

$

1,483

$

899

$

1,479

$

3,861

Partner company installment payments - licenses, long-term

$

5,000

$

2,000

$

$

7,000

Less: imputed interest

(519)

(46)

(565)

Sub-total partner company installment payments - licenses, long-term

$

4,481

$

1,954

$

$

6,435

Total partner company installment payments - licenses

$

5,964

$

2,853

$

1,479

$

10,296

December 31, 2020

($ in thousands)

    

Ximino 1

    

Accutane 2

    

Anti-Itch Product 3

    

Total

Partner company installment payments - licenses, short-term

$

2,000

$

500

$

2,800

$

5,300

Less: imputed interest

(602)

(122)

(54)

(778)

Sub-total partner company installment payments - licenses, short-term

$

1,398

$

378

$

2,746

$

4,522

Partner company installment payments - licenses, long-term

$

5,000

$

3,000

$

1,000

$

9,000

Less: imputed interest

(775)

(88)

(863)

Sub-total partner company installment payments - licenses, long-term

$

4,225

$

2,912

$

1,000

$

8,137

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.

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.

Three Months Ended June 30, 

2021

2020

($ in thousands)

    

Interest

    

Fees1

    

Total

    

Interest

    

Fees1

    

Total

IDB Note

$

$

$

$

85

$

$

85

2017 Subordinated Note Financing

 

 

 

 

1,092

204

 

1,296

2019 Notes

269

269

2018 Venture Notes

 

 

 

 

433

186

 

619

LOC Fees

 

14

 

 

14

 

16

 

16

Mustang Horizon Notes

 

 

 

 

349

270

 

619

Oaktree Note

1,669

324

1,993

Partner company convertible preferred shares

270

270

Partner company dividend payable

263

263

Partner company installment payments - licenses 2

220

220

155

155

Other

 

 

 

 

 

 

Total Interest Expense and Financing Fee

$

2,166

$

594

$

2,760

$

2,399

$

660

$

3,059

Six Months Ended June 30, 

2021

2020

($ in thousands)

    

Interest

    

Fees1

    

Total

    

Interest

    

Fees1

    

Total

IDB Note

$

$

$

$

169

-

$

169

2017 Subordinated Note Financing

 

 

 

 

2,176

516

 

2,692

2019 Notes

 

 

 

 

538

 

538

2018 Venture Notes

 

 

 

 

866

362

 

1,228

LOC Fees

 

23

 

 

23

 

31

 

31

Mustang Horizon Notes

 

 

 

 

690

529

 

1,219

Oaktree Note

3,319

633

3,952

Partner company convertible preferred shares

270

270

Partner company dividend payable

263

263

Partner company installment payments - licenses 2

441

441

305

305

Other

 

 

 

 

2

2

Total Interest Expense and Financing Fee

$

4,046

$

903

$

4,949

$

4,777

$

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.