Quarterly report pursuant to Section 13 or 15(d)

DEBT

v3.23.1
DEBT
3 Months Ended
Mar. 31, 2023
DEBT  
Debt

8. DEBT

 

Debt at March 31, 2023 and December 31, 2022, was comprised of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Current portion of long-term debt

 

 

 

 

 

 

Vehicle loans(1)

 

$ 11

 

 

$ 15

 

Mortgage payable(2)

 

 

262

 

 

 

257

 

Note payable

 

 

-

 

 

 

10

 

Convertible debenture(3)

 

 

21,626

 

 

 

21,398

 

Total short-term debt

 

 

21,899

 

 

 

21,680

 

 

 

 

 

 

 

 

 

 

Long-term debt, net

 

 

 

 

 

 

 

 

Vehicle loans(1)

 

 

2

 

 

 

3

 

Mortgage payable(2)

 

 

8,664

 

 

 

8,713

 

Total long-term debt

 

 

8,666

 

 

 

8,716

 

Total Indebtedness

 

$ 30,565

 

 

$ 30,396

 

______________________

 

 

 

 

 

 

 

 

(1) Primarily fixed term loans on transportation vehicles. Weighted average interest rate at March 31, 2023 and December 31, 2022 was 6.3% and 6.4%, respectively.

(2) Mortgage payable associated with the acquired processing facility. Weighted average interest rate at March 31, 2023 and December 31, 2022 was 12.5%. Net of deferred financing costs as of March 31, 2023 and December 31, 2022 of $274 and $296, respectively.

(3) Net of deferred financing costs at March 31, 2023 and December 31, 2022 of $532 and $759, respectively.

 

Stated maturities of debt obligations are as follows as of March 31, 2023:

 

 

 

March 31,

 

(in thousands)

 

2023

 

Balance of 2023

 

$ 

22,361

 

2024

 

 

290

 

2025

 

 

330

 

2026

 

 

8,390

 

Total debt obligations

 

$ 31,371