Quarterly report pursuant to Section 13 or 15(d)

DEBT AND INTEREST EXPENSE

v3.23.3
DEBT AND INTEREST EXPENSE
9 Months Ended
Sep. 30, 2023
DEBT AND INTEREST EXPENSE  
DEBT AND INTEREST EXPENSE

NOTE 13. DEBT AND INTEREST EXPENSE

The Company has no debt obligations outstanding as of September 30, 2023. The Company’s debt obligations at December 31, 2022 were as follows:

December 31, 2022

Net

Principal

Unamortized

Carry

($’s in thousands)

    

Balance

    

Discount & Fees

    

Amount

Deferred cash payment

$

5,000

$

9

$

4,991

EWB Revolving LOC

 

2,948

 

 

2,948

Total Short-Term Debt

$

7,948

$

9

$

7,939

EWB Term Loan (Long-term)

$

20,000

$

174

$

19,826

Total Debt & Obligations

$

27,948

$

183

$

27,765

East West Bank Line of Credit and Long-Term Debt

In July 2023, the Company voluntarily repaid the entire $10.0 million outstanding term loan principal balance under the EWB Facility. The repayment satisfied all of the Company’s outstanding debt obligations under the EWB Facility. The Company has no further obligations to EWB.

Interest expense and financing fees

Interest expense consisted of the following:

    

Three-Month Periods Ended September 30,

 

Nine-Month Periods Ended September 30,

($’s in thousands)

    

2023

    

2022

    

2023

    

2022

Interest payments on EWB term loan and LOC

$

34

$

333

$

967

$

710

Amortization/Accretion

58

90

354

257

Imputed interest on acquired intangible assets

176

136

353

435

Total Interest Expense and Financing Fees

$

268

$

559

$

1,674

$

1,402