Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.21.1
Debt (Tables)
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Summary of Outstanding Debt

The fair value and face value principal of outstanding convertible notes as of March 31, 2021 and December 31, 2020 was as follows:

 

    Contractual
Maturity Date
  Stated Interest Rate     Conversion Price per Share     Face Value Principal Outstanding     Fair Value  
November 2019 Senior Secured Convertible Note   September 30, 2021     7.875 %   $ 1.60     $     $  
April 2020 Senior Convertible Note   April 30, 2022     7.875 %   $ 5.00     $     $  
August 2020 Senior Secured
Convertible Note
  August 6, 2022     7.875 %   $ 5.00     $     $  
Balance - March 31, 2021(1)                       $     $  
November 2019 Senior Secured Convertible Note   September 30, 2021     7.875 %   $ 1.60     $ 956     $ 1,270  
April 2020 Senior Convertible Note   April 30, 2022     7.875 %   $ 5.00     $ 4,111     $ 4,600  
August 2020 Senior Secured
Convertible Note
  August 6, 2022     7.875 %   $ 5.00     $ 7,750     $ 8,790  
Balance - December 31, 2020                       $ 12,817     $ 14,660  

 

  (1) As discussed below, during the three months ended March 31, 2021 all remaining convertible notes were repaid, including: the November 2019 Senior Convertible Note being repaid-in-full as of January 5, 2021; and both the April 2020 Senior Convertible Note and the August 2020 Senior Convertible Note were repaid-in-full as of March 2, 2021.
Schedule of Senior Convertible Note Estimated Fair Value

A reconciliation in the fair value of debt during each of the three months ended March 31, 2021 and 2020 is as follows:

 

    December 2018 Senior Secured Convertible Note     November 2019 Senior Secured Convertible Notes     April 2020 Senior Convertible Note     August 2020 Senior Secured Convertible Note     Sum of Balance Sheet Fair Value Components     Other Income (Expense)  
Fair Value - December 31, 2020   $     $ 1,270     $ 4,600     $ 8,790     $ 14,660          
Installment repayments – common stock           (956 )                 (956 )        
Non-installment payments – common stock           (7 )                 (7 )        
Non-installment payments – cash                 (52 )     (102 )     (154 )        
Change in fair value           (307 )     (437 )     (938 )     (1,682 )     1,682  
Principal repayments - cash                 (4,111 )     (7,750 )     (11,861 )        
Fair Value at March 31, 2021   $     $           $     $          
Other Income (Expense) - Change in fair value - three months ended March 31, 2021                                           $ 1,682  
                                                 
Fair Value – December 31, 2019   $ 1,700     $ 6,439     $     $     $ 8,139          
                                                 
Face value principal – issue date           7,000                   7,000          
Fair value adjustment – issue date           2,600                   2,600     $ (2,600 )
Installment repayments – common stock     (1,642 )                       (1,642 )        
Non-installment payments – common stock     (4 )                       (4 )        
Non-installment payments – cash           (138 )                 (138 )        
Change in fair value     9       4,699                   4,708       (4,708 )
Lender Fee - November 2019 Senior Secured Convertible Note - Series B                                   (700 )
Fair Value at March 31, 2020   $ 63     $ 20,600           $     $ 20,663          
Other Income (Expense) - Change in fair value - three months ended March 31, 2020                                           $ (8,008 )