Debt and Interest (Tables)
|
6 Months Ended |
Jun. 30, 2022 |
|---|
| Debt and Interest |
|
| Schedule of Debt |
Total debt consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
($ in thousands) |
|
2022 |
|
2021 |
|
Interest rate |
|
Maturity |
|
|
|
|
|
|
|
|
|
|
Oaktree Note |
|
$ |
50,000 |
|
$ |
60,450 |
|
11.00 |
% |
August - 2025 |
EWB term loan |
|
|
15,000 |
|
|
— |
|
7.00 |
% |
January - 2026 |
Runway Note |
|
|
31,050 |
|
|
— |
|
10.21 |
% |
April - 2027 |
Less: Discount on notes payable |
|
|
(10,439) |
|
|
(7,063) |
|
|
|
|
Repayment of Oaktree Note |
|
|
— |
|
|
(10,450) |
|
|
|
|
Total notes payable |
|
$ |
85,611 |
|
$ |
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.
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2022 |
($ in thousands) |
|
Short-term |
|
Long-term |
|
Total |
Partner company installment payments - licenses |
|
$ |
8,000 |
|
$ |
4,000 |
|
$ |
12,000 |
Less: imputed interest |
|
|
(513) |
|
|
(192) |
|
|
(705) |
Sub-total partner company installment payments - licenses |
|
$ |
7,487 |
|
$ |
3,808 |
|
$ |
11,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021 |
($ in thousands) |
|
Short-term |
|
Long-term |
|
Total |
Partner company installment payments - licenses |
|
$ |
5,000 |
|
$ |
4,000 |
|
$ |
9,000 |
Less: imputed interest |
|
|
(490) |
|
|
(373) |
|
|
(863) |
Sub-total partner company installment payments - licenses |
|
$ |
4,510 |
|
$ |
3,627 |
|
$ |
8,137 |
|
|
|
|
|
|
|
|
|
|
|
| Interest Expense for all Debt Arrangements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
2022 |
|
2021 |
($ in thousands) |
|
Interest |
|
Fees |
|
Total |
|
Interest |
|
Fees |
|
Total |
LOC Fees |
|
$ |
11 |
|
$ |
— |
|
$ |
11 |
|
$ |
14 |
|
$ |
— |
|
$ |
14 |
Oaktree Note |
|
|
1,390 |
|
|
375 |
|
|
1,765 |
|
|
1,669 |
|
|
324 |
|
|
1,993 |
Partner company convertible preferred shares |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
270 |
|
|
270 |
Partner company dividend payable |
|
|
— |
|
|
— |
|
|
— |
|
|
263 |
|
|
— |
|
|
263 |
Partner company installment payments - licenses |
|
|
215 |
|
|
— |
|
|
215 |
|
|
220 |
|
|
— |
|
|
220 |
Partner company notes payable |
|
|
981 |
|
|
182 |
|
|
1,163 |
|
|
— |
|
|
— |
|
|
— |
Total Interest Expense and Financing Fee |
|
$ |
2,597 |
|
$ |
557 |
|
$ |
3,154 |
|
$ |
2,166 |
|
$ |
594 |
|
$ |
2,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2022 |
|
2021 |
($ in thousands) |
|
Interest |
|
Fees |
|
Total |
|
Interest |
|
Fees |
|
Total |
LOC Fees |
|
$ |
26 |
|
$ |
— |
|
$ |
26 |
|
$ |
23 |
|
$ |
— |
|
$ |
23 |
Oaktree Note |
|
|
2,765 |
|
|
731 |
|
|
3,496 |
|
|
3,319 |
|
|
633 |
|
|
3,952 |
Partner company convertible preferred shares |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
270 |
|
|
270 |
Partner company dividend payable |
|
|
— |
|
|
— |
|
|
— |
|
|
263 |
|
|
— |
|
|
263 |
Partner company installment payments - licenses |
|
|
418 |
|
|
— |
|
|
418 |
|
|
441 |
|
|
— |
|
|
441 |
Partner company notes payable |
|
|
1,349 |
|
|
215 |
|
|
1,564 |
|
|
— |
|
|
— |
|
|
— |
Total Interest Expense and Financing Fee |
|
$ |
4,558 |
|
$ |
946 |
|
$ |
5,504 |
|
$ |
4,046 |
|
$ |
903 |
|
$ |
4,949 |
|