| Schedule of debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December
|
|
|
|
|
|
($ in thousands)
|
|
2020
|
|
31, 2019
|
|
Interest rate
|
|
Maturity
|
|
IDB Note
|
|
$
|
14,929
|
|
$
|
14,929
|
|
2.25
|
%
|
Aug - 2021
|
|
2017 Subordinated Note Financing
|
|
|
3,254
|
|
|
3,254
|
|
8.00
|
% 3
|
March - 2022
|
|
2017 Subordinated Note Financing
|
|
|
13,893
|
|
|
13,893
|
|
8.00
|
% 3
|
May - 2022
|
|
2017 Subordinated Note Financing
|
|
|
1,820
|
|
|
1,820
|
|
8.00
|
% 3
|
June - 2022
|
|
2017 Subordinated Note Financing
|
|
|
3,018
|
|
|
3,018
|
|
8.00
|
% 3
|
August - 2022
|
|
2017 Subordinated Note Financing
|
|
|
6,371
|
|
|
6,371
|
|
8.00
|
% 3
|
September - 2022
|
|
2018 Venture Notes
|
|
|
6,517
|
|
|
6,517
|
|
8.00
|
%
|
August - 2021
|
|
2018 Venture Notes
|
|
|
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
|
|
|
4,354
|
|
|
5,086
|
|
|
|
|
|
Total notes payable
|
|
$
|
85,388
|
|
$
|
84,656
|
|
|
|
|
Note 1: Formerly the Opus Credit Facility
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%.
Note 4: At March 31, 2020 and December 31,2019, $11.4 million and $6.0 million, respectively are included in Notes payable, short-term on the condensed consolidated balance sheets.
|
| Schedule of interest expense for all debt arrangements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2020
|
|
2019
|
|
($ in thousands)
|
|
Interest
|
|
Fees 1
|
|
Total
|
|
Interest
|
|
Fees 1
|
|
Total
|
|
IDB Note
|
|
$
|
84
|
|
$
|
—
|
|
$
|
84
|
|
$
|
83
|
|
$
|
—
|
|
$
|
83
|
|
2017 Subordinated Note Financing
|
|
|
1,084
|
|
|
312
|
|
|
1,396
|
|
|
1,028
|
|
|
363
|
|
|
1,391
|
|
2019 Notes
|
|
|
269
|
|
|
—
|
|
|
269
|
|
|
281
|
|
|
113
|
|
|
394
|
|
2018 Venture Notes
|
|
|
433
|
|
|
176
|
|
|
609
|
|
|
429
|
|
|
146
|
|
|
575
|
|
LOC Fees
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|
15
|
|
|
—
|
|
|
15
|
|
Mustang Horizon Notes
|
|
|
341
|
|
|
259
|
|
|
600
|
|
|
11
|
|
|
—
|
|
|
11
|
|
Note Payable2
|
|
|
150
|
|
|
—
|
|
|
150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total Interest Expense and Financing Fee
|
|
$
|
2,378
|
|
$
|
747
|
|
$
|
3,125
|
|
$
|
1,847
|
|
$
|
622
|
|
$
|
2,469
|
Note 1: Amortization of fees
Note 2: Imputed interest expense related to Ximino purchase (see Note 9).
|