| Schedule of Debt |
Total debt consists of the following:
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December 31, |
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December 31, |
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($ in thousands) |
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2021 |
|
2020 |
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Interest rate |
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Maturity |
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Total notes payable - Oaktree Note |
|
$ |
60,450 |
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$ |
60,000 |
|
11.00 |
% |
August - 2025 |
Less: Discount on notes payable |
|
|
(7,063) |
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|
(8,323) |
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|
|
|
Repayment of Oaktree Note |
|
|
(10,450) |
|
|
— |
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|
|
|
Total notes payable |
|
$ |
42,937 |
|
$ |
51,677 |
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|
|
|
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| Interest Expense for all Debt Arrangements |
The following table shows the details of interest expense for all debt arrangements during the periods presented. Interest expense includes contractual interest and amortization of the debt discount and amortization of fees represents fees associated with loan transaction costs, amortized over the life of the loan:
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Year Ended December 31, |
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2021 |
|
2020 |
($ in thousands) |
|
Interest |
|
Fees |
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Total |
|
Interest |
|
Fees |
|
Total |
IDB Note |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
246 |
|
$ |
- |
|
$ |
246 |
2017 Subordinated Note Financing1 |
|
|
— |
|
|
— |
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|
— |
|
|
2,870 |
|
|
1,890 |
|
|
4,760 |
2019 Notes |
|
|
— |
|
|
— |
|
|
— |
|
|
710 |
|
|
— |
|
|
710 |
2018 Venture Notes1 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,253 |
|
|
1,000 |
|
|
2,253 |
LOC Fees |
|
|
51 |
|
|
— |
|
|
51 |
|
|
34 |
|
|
— |
|
|
34 |
Mustang Horizon Notes1,2 |
|
|
— |
|
|
— |
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|
— |
|
|
1,585 |
|
|
2,321 |
|
|
3,906 |
Oaktree Note2 |
|
|
6,897 |
|
|
1,342 |
|
|
8,239 |
|
|
2,311 |
|
|
411 |
|
|
2,722 |
Partner company convertible preferred shares |
|
|
2,845 |
|
|
2,572 |
|
|
5,417 |
|
|
|
|
|
— |
|
|
— |
Partner company dividend payable |
|
|
820 |
|
|
— |
|
|
820 |
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|
— |
|
|
— |
|
|
— |
Partner company installment payments - licenses3 |
|
|
781 |
|
|
— |
|
|
781 |
|
|
697 |
|
|
— |
|
|
697 |
Other |
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|
— |
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— |
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— |
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|
(2) |
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|
— |
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|
(2) |
Total Interest Expense and Financing Fee |
|
$ |
11,394 |
|
$ |
3,914 |
|
$ |
15,308 |
|
$ |
9,704 |
|
$ |
5,622 |
|
$ |
15,326 |
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Note 1:For the year ended December 31, 2020, includes $1.2 million expense of unamortized debt discount fees for the 2017 Subordinated Note Financing, $0.3 million for the 2018 Venture Notes and $1.8 million for the Mustang Horizon Notes expensed at the time of debt repayment on September 30, 2020. |
Note 2: Includes $0.5 million prepayment fee for the Oaktree Note included in interest expense in 2021 and $0.6 million of prepayment penalties included in interest expense for the Mustang Horizon Notes in 2020.
Note 3: Imputed interest expense related to Ximino, Accutane and Anti-itch product license acquisition (see Note 9).
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