Annual report pursuant to Section 13 and 15(d)

DEBT

v3.24.1
DEBT
 12 Months Ended
Dec. 31, 2023
DEBT  
Debt

8. DEBT

 

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

 

 

 

December 31,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Current portion of long-term debt

 

 

 

 

 

 

Vehicle loans(1)

 

 $ 3

 

 

 $ 15

 

Mortgage payable(2)

 

 

 -

 

 

 

 257

 

Note payable

 

 

 -

 

 

 

 10

 

Convertible debt(3)

 

 

 -

 

 

 

 21,398

 

Total short-term debt

 

 

 3

 

 

 

 21,680

 

 

 

 

 

 

 

 

 

 

Long-term debt, net

 

 

 

 

 

 

 

 

Vehicle loans(1)

 

 

 -

 

 

 

 3

 

Mortgage payable(2)

 

 

 -

 

 

 

 8,713

 

Convertible debenture(3)

 

 

 -

 

 

 

 -

 

Total long-term debt

 

 

 -

 

 

 

 8,716

 

Total Indebtedness

 

 $ 3

 

 

 $ 30,396

 

_____________

(1)

Primarily fixed term loans on transportation vehicles. Weighted average interest rate at December 31, 2023 and December 31, 2022 was 6.4%.

(2)

Mortgage payable associated with the acquired processing facility. Weighted average interest rate at December 31, 2022 was 12.5%. Net of deferred financing costs as December 31, 2022 of $296.As part of sale leaseback transaction, the Company sold the property, and the buyer assumed the mortgage. Refer to Note “Leases” for more information

      

(3)

Net of deferred financing costs at December 31, 2022 of $759.During the year, the Company repurchased the Convertible Notes. Refer to Note “Intangible Assets” for more information.

 

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

 

 

 

December 31,

 

(in thousands)

 

2023

 

2024

 

 $ 3

 

Total debt obligations

 

 $ 3