| Schedule of Debt |
Debt (with unrelated parties) consists of:
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
March 31,
2022 |
|
|
December 31,
2021 |
|
|
(a) Main Street Loan |
|
$ |
17,552 |
|
(1) |
$ |
17,552 |
|
(2) |
(b) $1.3 million note payable |
|
|
508 |
|
|
|
544 |
|
|
(c) $4.0 million Secured Convertible Promissory Notes (“Secured Convertible Notes”) |
|
|
306 |
|
|
|
538 |
|
|
(d) $0.3 million note payable |
|
|
55 |
|
|
|
74 |
|
|
(e) Thunder Ridge supplier advance |
|
|
822 |
|
|
|
833 |
|
|
(f) Various notes payable acquired from JB Lease |
|
|
444 |
|
|
|
564 |
|
|
(g) $0.8 million note payable |
|
|
543 |
|
|
|
604 |
|
|
(h) $3.8 million note payable |
|
|
1,489 |
|
|
|
1,703 |
|
|
(i) Failed sale-leaseback obligations |
|
|
4,829 |
|
|
|
5,131 |
|
|
(j) Notes payable to three financing companies |
|
|
1,589 |
|
|
|
1,704 |
|
|
(k) Finkle equipment notes |
|
|
1,226 |
|
|
|
1,535 |
|
|
Total before debt issuance costs and debt discount |
|
|
29,363 |
|
|
|
30,782 |
|
|
Debt issuance costs |
|
|
(860 |
) |
|
|
(919 |
) |
|
Debt discount |
|
|
(255 |
) |
|
|
(273 |
) |
|
|
|
|
28,248 |
|
|
|
29,590 |
|
|
Less current portion |
|
|
(21,829 |
) |
|
|
(22,135 |
) |
|
Long-term debt, less current portion |
|
$ |
6,419 |
|
|
$ |
7,455 |
|
|
(1) Classified as a current liability as of March 31, 2022 due to the existence of one or more covenant violations. (2) Classified as a current liability as of December 31, 2021 due to the existence of one or more covenant violations. Debt (with related parties) consists of:
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
March 31,
2022 |
|
|
December 31,
2021 |
|
|
(a) Antara Financing Agreement |
|
$ |
19,383 |
|
(1) |
$ |
18,697 |
|
(2) |
(b) Four promissory notes with an aggregate principal amount of $9.5 million |
|
|
— |
|
|
|
9,500 |
|
|
(c) Bridge loan and Executive loans |
|
|
9,825 |
|
|
|
— |
|
|
(d) $3.8 million senior promissory note |
|
|
3,800 |
|
(1) |
|
3,800 |
|
(2) |
(e) $4.0 million promissory note |
|
|
4,000 |
|
(1) |
|
4,000 |
|
(2) |
(f) $2.5 million promissory note - stockholder |
|
|
1,446 |
|
|
|
1,506 |
|
|
(g) $6.4 million promissory note - stockholder |
|
|
6,354 |
|
|
|
6,361 |
|
|
(h) Notes payable acquired from Ritter |
|
|
388 |
|
|
|
399 |
|
|
Total before debt issuance costs and debt discount |
|
|
45,196 |
|
|
|
44,263 |
|
|
Debt issuance costs |
|
|
(17 |
) |
|
|
(18 |
) |
|
Debt discount |
|
|
(8,432 |
) |
|
|
(7,058 |
) |
|
|
|
|
36,747 |
|
|
|
37,187 |
|
|
Less current portion |
|
|
(36,405 |
) |
|
|
(33,164 |
) |
|
Long-term debt, less current portion - related party |
|
$ |
342 |
|
|
$ |
4,023 |
|
|
(1) Classified as a current liability as of March 31, 2022 due to the existence of one or more covenant violations. (2) Classified as a current liability as of December 31, 2020 due to the probability of recurrence of covenant violations, other than the EBITDA-based covenant, during 2021.
|