| Schedule of Debt |
Total debt consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
($ in thousands) |
|
2022 |
|
2021 |
|
Interest rate |
|
Maturity |
|
|
|
|
|
|
|
|
|
|
Oaktree Note |
|
$ |
50,000 |
|
$ |
60,450 |
|
11.00 |
% |
August - 2025 |
EWB term loan |
|
|
15,000 |
|
|
— |
|
5.23 |
% |
January - 2026 |
Runway Note |
|
|
31,050 |
|
|
— |
|
9.36 |
% |
April - 2027 |
Less: Discount on notes payable |
|
|
(10,994) |
|
|
(7,063) |
|
|
|
|
Repayment of Oaktree Note |
|
|
— |
|
|
(10,450) |
|
|
|
|
Total notes payable |
|
$ |
85,056 |
|
$ |
42,937 |
|
|
|
|
|
| Schedule of partner company installment payments - licenses |
The following tables show the details of partner company installment payments – licenses for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2022 |
($ in thousands) |
|
Ximino 1 |
|
Accutane 2 |
|
VYNE Product |
|
Total |
Partner company installment payments - licenses, short-term |
|
$ |
2,000 |
|
$ |
1,000 |
|
$ |
5,000 |
|
$ |
8,000 |
Less: imputed interest |
|
|
(379) |
|
|
(52) |
|
|
(206) |
|
|
(637) |
Sub-total partner company installment payments - licenses, short-term |
|
$ |
1,621 |
|
$ |
948 |
|
$ |
4,794 |
|
$ |
7,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Partner company installment payments - licenses, long-term |
|
$ |
3,000 |
|
$ |
1,000 |
|
$ |
— |
|
$ |
4,000 |
Less: imputed interest |
|
|
(271) |
|
|
(13) |
|
|
— |
|
|
(284) |
Sub-total partner company installment payments - licenses, long-term |
|
$ |
2,729 |
|
$ |
987 |
|
$ |
— |
|
$ |
3,716 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total partner company installment payments - licenses |
|
$ |
4,350 |
|
$ |
1,935 |
|
$ |
4,794 |
|
$ |
11,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
($ in thousands) |
|
Ximino 1 |
|
Accutane 2 |
|
Anti-Itch Product 3 |
|
Total |
Partner company installment payments - licenses, short-term |
|
$ |
2,000 |
|
$ |
2,000 |
|
$ |
1,000 |
|
$ |
5,000 |
Less: imputed interest |
|
|
(425) |
|
|
(65) |
|
|
— |
|
|
(490) |
Sub-total partner company installment payments - licenses, short-term |
|
$ |
1,575 |
|
$ |
1,935 |
|
$ |
1,000 |
|
$ |
4,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Partner company installment payments - licenses, long-term |
|
$ |
3,000 |
|
$ |
1,000 |
|
$ |
— |
|
$ |
4,000 |
Less: imputed interest |
|
|
(350) |
|
|
(23) |
|
|
— |
|
|
(373) |
Sub-total partner company installment payments - licenses, long-term |
|
$ |
2,650 |
|
$ |
977 |
|
$ |
— |
|
$ |
3,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total partner company installment payments - licenses |
|
$ |
4,225 |
|
$ |
2,912 |
|
$ |
1,000 |
|
$ |
8,137 |
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.
|
| Interest Expense for all Debt Arrangements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
($ in thousands) |
|
Interest |
|
Fees |
|
Total |
|
Interest |
|
Fees |
|
Total |
LOC Fees |
|
$ |
15 |
|
$ |
— |
|
$ |
15 |
|
$ |
9 |
|
$ |
— |
|
$ |
9 |
Oaktree Note |
|
|
1,375 |
|
|
356 |
|
|
1,731 |
|
|
1,650 |
|
|
309 |
|
|
1,959 |
Partner company installment payments - licenses |
|
|
203 |
|
|
— |
|
|
203 |
|
|
221 |
|
|
— |
|
|
221 |
Partner company notes payable |
|
|
368 |
|
|
33 |
|
|
401 |
|
|
— |
|
|
— |
|
|
— |
Total Interest Expense and Financing Fee |
|
$ |
1,961 |
|
$ |
389 |
|
$ |
2,350 |
|
$ |
1,880 |
|
$ |
309 |
|
$ |
2,189 |
|