Quarterly report pursuant to Section 13 or 15(d)

Debt and Interest (Tables)

v3.19.1
Debt and Interest (Tables)
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule Of Interest Expenses
Total debt consists of the following as of March 31, 2019 and December 31, 2018:
 
($ in thousands)
 
March 31,

2019
 
 
December

31, 2018
 
 
Interest rate
 
 
Maturity
IDB Note
 
$
14,929
 
 
$
14,929
 
 
 
2.25
%
 
Aug - 2020
2017 Subordinated Note Financing
 
 
3,254
 
 
 
3,254
 
 
 
8.00
%
 
March - 2020
2017 Subordinated Note Financing
 
 
13,893
 
 
 
13,893
 
 
 
8.00
%
 
May - 2020
2017 Subordinated Note Financing
 
 
1,820
 
 
 
1,820
 
 
 
8.00
%
 
June - 2020
2017 Subordinated Note Financing
 
 
3,018
 
 
 
3,018
 
 
 
8.00
%
 
August - 2020
2017 Subordinated Note Financing
 
 
6,371
 
 
 
6,371
 
 
 
8.00
%
 
September - 2020
2018 Venture Debt
 
 
6,517
 
 
 
6,517
 
 
 
8.00
%
 
February - 2021
2018 Venture Debt
 
 
15,190
 
 
 
15,190
 
 
 
8.00
%
 
March - 2021
Opus Credit Facility
1
 
 
9,500
 
 
 
9,500
 
 
 
12.00
%
 
September - 2019
Mustang Horizon Notes
2
 
 
15,000
 
 
 
–
 
 
 
9.00
%
 
October - 2022
Caelum Convertible Note, at fair value
1
 
 
–
 
 
 
1,000
 
 
 
8.00
%
 
January - 2019
Caelum Convertible Note, at fair value
1
 
 
–
 
 
 
6,800
 
 
 
8.00
%
 
February - 2019
Caelum Convertible Note, at fair value
1
 
 
–
 
 
 
2,114
 
 
 
8.00
%
 
March - 2019
Total notes payable
 
 
89,492
 
 
 
84,406
 
 
 
 
 
 
 
Less: Discount on notes payable
 
 
6,608
 
 
 
4,903
 
 
 
 
 
 
 
Total notes payable
 
$
82,884
 
 
$
79,503
 
 
 
 
 
 
 
 
Note 1: Classified as short-term on the Company’s Consolidated Balance Sheet as of December 31, 2018.
Note 2: Interest rate is
9.0% plus one-month LIBOR Rate
in excess of
2.5
%
Schedule Of Interest Expenses For 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:
 
 
 
Three Months Ended March 31,
 
 
 
2019
 
 
2018
 
($ in thousands)
 
Interest
 
 
Fees 1
 
 
Total
 
 
Interest
 
 
Fees 1
 
 
Total
 
IDB Note
 
$
83
 
 
$
-
 
 
$
83
 
 
$
84
 
 
$
-
 
 
$
84
 
2017 Subordinated Note Financing
 
 
1,028
 
 
 
363
 
 
 
1,391
 
 
 
1,048
 
 
 
325
 
 
 
1,373
 
Opus Credit Facility
 
 
281
 
 
 
113
 
 
 
394
 
 
 
281
 
 
 
319
 
 
 
600
 
2018 Venture Notes
 
 
429
 
 
 
146
 
 
 
575
 
 
 
56
 
 
 
17
 
 
 
73
 
LOC Fees
 
 
15
 
 
 
–
 
 
 
15
 
 
 
7
 
 
 
–
 
 
 
7
 
Helocyte Convertible Note
 
 
–
 
 
 
–
 
 
 
–
 
 
 
68
 
 
 
–
 
 
 
68
 
Caelum Convertible Note
 
 
–
 
 
 
–
 
 
 
–
 
 
 
196
 
 
 
–
 
 
 
196
 
Mustang Horizon Notes
 
 
11
 
 
 
–
 
 
 
11
 
 
 
–
 
 
 
–
 
 
 
–
 
Other
 
 
–
 
 
 
–
 
 
 
–
 
 
 
2
 
 
 
–
 
 
 
2
 
Total Interest Expense and Financing Fee
 
$
1,847
 
 
$
622
 
 
$
2,469
 
 
$
1,742
 
 
$
661
 
 
$
2,403
 
 
Note 1: amortization of fees