Annual report pursuant to Section 13 and 15(d)

Debt and Interest (Tables)

v3.23.1
Debt and Interest (Tables)
12 Months Ended
Dec. 31, 2022
Debt and Interest  
Schedule of Debt

Total debt consists of the following:

    

December 31, 

    

December 31,

    

    

($ in thousands)

2022

2021

Interest rate

Maturity

Oaktree Note

$

50,000

$

60,450

 

11.00

%

August - 2025

EWB Term Loan

20,000

9.23

%

January - 2026

Runway Note

31,050

13.40

%

April - 2027

Less: Discount on notes payable

(9,320)

(7,063)

Repayment of Oaktree Note

(10,450)

Total notes payable

$

91,730

$

42,937

 

  

 

  

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 and amortization of the debt discount and amortization of fees represents fees associated with loan transaction costs, amortized over the life of the loan:

Year Ended December 31, 

2022

2021

($ in thousands)

    

Interest

    

Fees

    

Total

    

Interest

    

Fees

    

Total

LOC Fees

$

54

$

$

54

$

51

$

$

51

Oaktree Note1

5,561

1,532

7,093

6,897

1,342

8,239

Partner company convertible preferred shares

2,845

2,572

5,417

Partner company dividend payable

820

820

Partner company installment payments - licenses2

770

770

781

781

Partner company notes payable

4,021

533

4,554

Other

 

11

 

 

11

 

Total Interest Expense and Financing Fee

$

10,417

$

2,065

$

12,482

$

11,394

$

3,914

$

15,308

Note 1: Includes $0.5 million prepayment fee for the Oaktree Note included in interest expense in 2021.

Note 2: Imputed interest expense related to Ximino, Accutane, Anti-itch product license and Vyne product licenses (see Note 9).