Debt |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Note 9. Debt Long-term debt consisted of the following at the dates indicated (amount in thousands):
Notes Payable Additionally, in connection with the acquisition of E4:9, the Company assumed a non-interest-bearing approximately $0.4 million promissory note to be paid in full at maturity date of July 1, 2022. During the year ended December 31, 2022, the Company paid the full balance of the promissory note. In July 2022, the Company entered into a promissory note for approximately $0.5 million in conjunction with a renewal of its director and officer insurance policy. The interest rate was 4.92% per annum. The note will mature on April 30, 2023. In October 2022, the Company entered into a promissory note for approximately $0.4 million in conjunction with a renewal of its executive and officer insurance policy. The interest rate was 9.0% per annum. The note will mature on October 1, 2023. In July 2021, the Company entered into a promissory note for approximately $0.9 million in conjunction with a renewal of its director and officer insurance policy. The interest rate was 2.5% per annum. The note matured on July 31, 2022. In October 2021, the Company entered into a promissory note for approximately $0.3 million in conjunction with a renewal of its executive and officer insurance policy. The interest rate was 6.0% per annum. The note matured on October 9, 2022. Note Payable – Small Business Administration Loan On June 5, 2020, the Company received $0.2 million in loan funding from the SBA (the “SBA Note”) under the Economic Injury Disaster Loan program. The Company will use all the proceeds of this secured SBA Note solely as working capital to alleviate economic injury caused by COVID-19. The SBA Note is evidenced by a promissory note of the Company dated June 5, 2020 in the principal amount of approximately $0.2 million, to the SBA, the lender. Under the terms of the SBA Note, interest accrues on the outstanding principal at a rate of 3.75% per annum, and installment payments began in June 2021. All remaining principal and accrued interest is due and payable in May 2050. |
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