10. Long-term Debt
On March 1, 2021, the Company assumed the outstanding long-term debt obligations of an acquired business and issued a seller note to one of the selling shareholders (see Note 17). The assumed debt obligations and seller note are denominated in Euros.
Long-term debt consists as follows:
| | As of September 30, | |
| | 2022 | | | 2021 | |
Vendor loan payable (“Vendor loan”), accruing interest at 3.0% per annum. Principal and interest are payable in one remaining installment in March 2023. | | $ | 292 | | | $ | 718 | |
Term loan payable, accruing interest at fixed rates ranging between 0.99% to 1.5% per annum, payable in monthly or quarterly payments of interest and principal and matures in October 2022. | | | 44 | | | | 362 | |
Term loan payable, accruing interest at 3-Month EURIBOR plus 1.3% per annum, payable in quarterly installments starting in April 2023 and matures in July 2028. | | | 389 | | | | 466 | |
Seller’s note payable (“Seller’s note”), due to one of the selling shareholders, accruing interest at a fixed rate of 4.0% per annum. The Seller’s note is payable over 5 installments and matures in September 2025. | | | 292 | | | | 383 | |
Total debt | | | 1,017 | | | | 1,929 | |
Less current portion: | | | (429 | ) | | | (732 | ) |
Long-term debt, net of current portion | | $ | 588 | | | $ | 1,197 | |
At September 30, 2022, future maturities of long-term debt are as follows:
Fiscal year: | | | | |
2023 | | $ | 429 | |
2024 | | | 188 | |
2025 | | | 188 | |
2026 | | | 71 | |
2027 | | | 73 | |
Thereafter | | | 68 | |
Total debt | | $ | 1,017 | |
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