| Schedule of Debt |
Total debt consists of the following as of September 30, 2021 and December 31, 2020:
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September 30, |
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December 31, |
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($ in thousands) |
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2021 |
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2020 |
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Interest rate |
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Maturity |
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|
(Unaudited) |
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Total notes payable - Oaktree Note |
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$ |
60,450 |
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$ |
60,000 |
|
11.00 |
% |
August - 2025 |
Less: Discount on notes payable |
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|
(7,431) |
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|
(8,323) |
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|
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Total notes payable |
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$ |
53,019 |
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$ |
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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September 30, 2021 |
($ in thousands) |
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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 |
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$ |
2,000 |
|
$ |
2,000 |
|
$ |
1,000 |
|
$ |
5,000 |
Less: imputed interest |
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(472) |
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(84) |
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(11) |
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|
(567) |
Sub-total partner company installment payments - licenses, short-term |
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$ |
1,528 |
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$ |
1,916 |
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$ |
989 |
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$ |
4,433 |
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Partner company installment payments - licenses, long-term |
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$ |
3,000 |
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$ |
1,000 |
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$ |
— |
|
$ |
4,000 |
Less: imputed interest |
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(428) |
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|
(33) |
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|
— |
|
|
(461) |
Sub-total partner company installment payments - licenses, long-term |
|
$ |
2,572 |
|
$ |
967 |
|
$ |
— |
|
$ |
3,539 |
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Total partner company installment payments - licenses |
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$ |
4,100 |
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$ |
2,883 |
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$ |
989 |
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$ |
7,972 |
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December 31, 2020 |
($ 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 |
|
$ |
500 |
|
$ |
2,800 |
|
$ |
5,300 |
Less: imputed interest |
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(602) |
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|
(122) |
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|
(54) |
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|
(778) |
Sub-total partner company installment payments - licenses, short-term |
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$ |
1,398 |
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$ |
378 |
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$ |
2,746 |
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$ |
4,522 |
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Partner company installment payments - licenses, long-term |
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$ |
5,000 |
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$ |
3,000 |
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$ |
1,000 |
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$ |
9,000 |
Less: imputed interest |
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|
(775) |
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|
(88) |
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— |
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|
(863) |
Sub-total partner company installment payments - licenses, long-term |
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$ |
4,225 |
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$ |
2,912 |
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$ |
1,000 |
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$ |
8,137 |
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Total partner company installment payments - licenses |
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$ |
5,623 |
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$ |
3,290 |
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$ |
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 September 30, |
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2021 |
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2020 |
($ in thousands) |
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Interest |
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Fees1 |
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Total |
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Interest |
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Fees1 |
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Total |
IDB Note |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
77 |
|
|
— |
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$ |
77 |
2017 Subordinated Note Financing |
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— |
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— |
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— |
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|
694 |
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1,374 |
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|
2,068 |
2019 Notes |
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— |
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— |
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— |
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|
172 |
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— |
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|
172 |
2018 Venture Notes |
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— |
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— |
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— |
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|
387 |
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|
638 |
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1,025 |
LOC Fees |
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|
14 |
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— |
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|
14 |
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|
14 |
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— |
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|
14 |
Mustang Horizon Notes |
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— |
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— |
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— |
|
|
895 |
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|
1,792 |
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|
2,687 |
Oaktree Note |
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|
2,136 |
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|
342 |
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|
2,478 |
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|
624 |
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|
108 |
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|
732 |
Partner company convertible preferred shares |
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|
1,034 |
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|
378 |
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|
1,412 |
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— |
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— |
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— |
Partner company dividend payable |
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|
365 |
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— |
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|
365 |
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— |
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— |
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— |
Partner company installment payments - licenses 2 |
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175 |
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— |
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175 |
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187 |
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— |
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187 |
Other |
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— |
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— |
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— |
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(4) |
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— |
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(4) |
Total Interest Expense and Financing Fee |
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$ |
3,724 |
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$ |
720 |
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$ |
4,444 |
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$ |
3,046 |
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$ |
3,912 |
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$ |
6,958 |
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Nine Months Ended September 30, |
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2021 |
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2020 |
($ in thousands) |
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Interest |
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Fees1 |
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Total |
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Interest |
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Fees1 |
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Total |
IDB Note |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
246 |
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$ |
- |
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$ |
246 |
2017 Subordinated Note Financing |
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— |
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— |
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— |
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|
2,870 |
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|
1,890 |
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|
4,760 |
2019 Notes |
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— |
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— |
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— |
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|
710 |
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— |
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|
710 |
2018 Venture Notes |
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— |
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— |
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— |
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|
1,253 |
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|
1,000 |
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|
2,253 |
LOC Fees |
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|
37 |
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— |
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|
37 |
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|
45 |
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— |
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|
45 |
Mustang Horizon Notes |
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|
— |
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|
— |
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|
— |
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|
1,585 |
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|
2,321 |
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|
3,906 |
Oaktree Note |
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|
5,455 |
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|
975 |
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|
6,430 |
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|
624 |
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|
108 |
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|
732 |
Partner company convertible preferred shares |
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|
1,034 |
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|
648 |
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|
1,682 |
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— |
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— |
Partner company dividend payable |
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|
628 |
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|
— |
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|
628 |
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|
— |
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|
— |
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|
— |
Partner company installment payments - licenses 2 |
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|
616 |
|
|
— |
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|
616 |
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|
492 |
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|
— |
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|
492 |
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 |
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$ |
7,770 |
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$ |
1,623 |
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$ |
9,393 |
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$ |
7,823 |
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$ |
5,319 |
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$ |
13,142 |
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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