| Schedule of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 $6.0 million, respectively, are included in Notes payable, short-term on the Condensed Consolidated Balance Sheets. |
|
| Schedule of interest expense for all debt arrangements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2020 |
|
2019 |
($ 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. |
|