|
As of December 31, 2023 and 2022, long-term debt consists of (in thousands):
| Schedule of long-term debt |
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| Finnish Funding Agency for Technology and Innovation (“Tekes”) |
|
$ |
431 |
|
|
$ |
413 |
|
| Less current portion – product development loans |
|
|
(265 |
) |
|
|
(259 |
) |
| Less accrued interest on product development loans – current |
|
|
(166 |
) |
|
|
(154 |
) |
| Total long-term debt |
|
$ |
- |
|
|
$ |
- |
|
At both December 31, 2023 and 2022, there were two capital product development loans amounting to $0.3 million with Tekes, the main public funding organization for research and development in Finland.
The Company has classified its debt as current. (See Note 1 Business, Going Concern). The table below sets forth the contractual maturities of the Company’s debt for each of the five years subsequent to December 31, 2023 and thereafter (in thousands):
| Schedule of contractual maturities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Senior
Term Loan |
|
|
Subordinated
Debt |
|
|
Subordinated
Term Loan |
|
|
Long-Term
Debt |
|
|
Convertible
Debt |
|
|
Total |
|
| 2024 |
|
$ |
61,287 |
|
|
$ |
11,685 |
|
|
$ |
- |
|
|
$ |
265 |
|
|
$ |
33,873 |
|
|
$ |
107,110 |
|
| 2025 |
|
|
- |
|
|
|
- |
|
|
|
45,393 |
|
|
|
- |
|
|
|
- |
|
|
|
45,393 |
|
| 2026 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| 2027 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| 2028 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Thereafter |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| |
|
$ |
61,287 |
|
|
$ |
11,685 |
|
|
$ |
45,393 |
|
|
$ |
265 |
|
|
$ |
33,873 |
|
|
$ |
152,503 |
|
| Unamortized debt issuance costs |
|
|
(1,817 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(528 |
) |
|
|
(2,345 |
) |
| Total Debt |
|
$ |
59,470 |
|
|
$ |
11,685 |
|
|
$ |
45,393 |
|
|
$ |
265 |
|
|
$ |
33,345 |
|
|
$ |
150,158 |
|
|