| Debt and Interest |
10. Debt and Interest
Debt
Total debt consists of the following as of June 30, 2020 and December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December |
|
|
|
|
($ in thousands) |
|
2020 |
|
31, 2019 |
|
Interest rate |
|
Maturity |
IDB Note |
|
$ |
14,929 |
|
$ |
14,929 |
|
2.25 |
% |
Aug - 2021 |
2017 Subordinated Note Financing3 |
|
|
3,254 |
|
|
3,254 |
|
8.00 |
% |
March - 2022 |
2017 Subordinated Note Financing3 |
|
|
13,893 |
|
|
13,893 |
|
8.00 |
% |
May - 2022 |
2017 Subordinated Note Financing3 |
|
|
1,820 |
|
|
1,820 |
|
8.00 |
% |
June - 2022 |
2017 Subordinated Note Financing3 |
|
|
3,018 |
|
|
3,018 |
|
8.00 |
% |
August - 2022 |
2017 Subordinated Note Financing |
|
|
6,371 |
|
|
6,371 |
|
8.00 |
% |
September - 2022 |
2018 Venture Notes4 |
|
|
6,517 |
|
|
6,517 |
|
8.00 |
% |
August - 2021 |
2018 Venture Notes4 |
|
|
15,190 |
|
|
15,190 |
|
8.00 |
% |
September - 2021 |
2019 Notes1 |
|
|
9,000 |
|
|
9,000 |
|
12.00 |
% |
September - 2021 |
Mustang Horizon Notes2 |
|
|
15,750 |
|
|
15,750 |
|
9.00 |
% |
October - 2022 |
Total notes payable |
|
|
89,742 |
|
|
89,742 |
|
|
|
|
Less: Discount on notes payable |
|
|
3,762 |
|
|
5,086 |
|
|
|
|
Total notes payable |
|
$ |
85,980 |
|
$ |
84,656 |
|
|
|
|
Note 1: |
Formerly the Opus Credit Facility (see Note 16.) |
Note 2: |
Interest rate is 9.0% plus one-month LIBOR Rate in excess of 2.5%. |
Note 3: |
As a result of a one-year maturity date extension effective 2020, the interest rate increased by 1% to 9.0%. As a result of a second one-year maturity date extension effective 2021, the interest rate will increase by 1% to 10.0%. |
Note 4: |
At June 30, 2020 and December 31,2019, $16.8 million and $6.0 million, respectively, are included in Notes payable, short-term on the Condensed Consolidated Balance Sheets. |
Interest Expense
The following table shows the details of interest expense for all debt arrangements during the periods presented. Interest expense includes contractual interest and amortization of the debt discount and amortization of fees represents fees associated with loan transaction costs, amortized over the life of the loan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2020 |
|
2019 |
($ in thousands) |
|
Interest |
|
Fees 1 |
|
Total |
|
Interest |
|
Fees 1 |
|
Total |
IDB Note |
|
$ |
85 |
|
$ |
— |
|
$ |
85 |
|
$ |
85 |
|
$ |
— |
|
$ |
85 |
2017 Subordinated Note Financing |
|
|
1,092 |
|
|
204 |
|
|
1,296 |
|
|
1,048 |
|
|
392 |
|
|
1,440 |
2019 Notes |
|
|
269 |
|
|
— |
|
|
269 |
|
|
284 |
|
|
119 |
|
|
403 |
2018 Venture Notes |
|
|
433 |
|
|
186 |
|
|
619 |
|
|
432 |
|
|
156 |
|
|
588 |
LOC Fees |
|
|
16 |
|
|
— |
|
|
16 |
|
|
16 |
|
|
— |
|
|
16 |
Mustang Horizon Notes |
|
|
349 |
|
|
270 |
|
|
619 |
|
|
342 |
|
|
232 |
|
|
574 |
Note Payable2 |
|
|
155 |
|
|
— |
|
|
155 |
|
|
— |
|
|
— |
|
|
— |
Total Interest Expense and Financing Fee |
|
$ |
2,399 |
|
$ |
660 |
|
$ |
3,059 |
|
$ |
2,207 |
|
$ |
899 |
|
$ |
3,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
($ in thousands) |
|
Interest |
|
Fees 1 |
|
Total |
|
Interest |
|
Fees 1 |
|
Total |
IDB Note |
|
$ |
169 |
|
$ |
— |
|
$ |
169 |
|
$ |
168 |
|
$ |
- |
|
$ |
168 |
2017 Subordinated Note Financing |
|
|
2,176 |
|
|
516 |
|
|
2,692 |
|
|
2,076 |
|
|
755 |
|
|
2,831 |
2019 Notes |
|
|
538 |
|
|
— |
|
|
538 |
|
|
565 |
|
|
232 |
|
|
797 |
2018 Venture Notes |
|
|
866 |
|
|
362 |
|
|
1,228 |
|
|
861 |
|
|
302 |
|
|
1,163 |
LOC Fees |
|
|
31 |
|
|
— |
|
|
31 |
|
|
31 |
|
|
— |
|
|
31 |
Mustang Horizon Notes |
|
|
690 |
|
|
529 |
|
|
1,219 |
|
|
353 |
|
|
232 |
|
|
585 |
Note Payable2 |
|
|
305 |
|
|
— |
|
|
305 |
|
|
— |
|
— |
— |
|
— |
— |
Other |
|
|
2 |
|
|
— |
|
|
2 |
|
|
— |
|
— |
— |
|
— |
— |
Total Interest Expense and Financing Fee |
|
$ |
4,777 |
|
$ |
1,407 |
|
$ |
6,184 |
|
$ |
4,054 |
|
$ |
1,521 |
|
$ |
5,575 |
Note 1: |
Amortization of fees |
Note 2: |
Imputed interest expense related to Ximino purchase. |
|