XML 62 R34.htm IDEA: XBRL DOCUMENT v3.22.0.1
Notes Payable (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of long-term debt, net of original issue discount and unamortized debt issuance costs

Our long-term debt, net of original issue discount and unamortized debt issuance costs, as of December 31, 2021 and 2020 was as follows:

 

(in thousands, except interest rate data)

 

Interest Rate

 

 

2021

 

 

2020

 

Notes payable:

 

 

 

 

 

 

 

 

 

Maryland Department of Housing & Community Development

 

 

8.00

%

 

$

614

 

 

$

1,080

 

Advance Cecil, Inc.

 

 

8.00

%

 

 

122

 

 

 

216

 

Paycheck Protection Program

 

 

1.00

%

 

 

 

 

 

647

 

Avenue Venture Opportunities Fund, L.P.

 

 

9.85

%

 

 

20,000

 

 

 

 

Other

 

 

0.00

%

 

 

 

 

 

6

 

 

 

 

 

 

 

20,736

 

 

 

1,949

 

Less unamortized debt issuance costs and original issue discounts

 

 

 

 

 

(1,654

)

 

 

 

Less convertible notes payable, net of unamortized debt discount and issuance costs (see Note 11)

 

 

 

 

 

(4,598

)

 

 

 

Total notes payable

 

 

 

 

$

14,484

 

 

$

1,949

 

ScheduleOfFuturePaymentsNetOfUnamortizedDebtDiscounts is a schedule of future payments, net of unamortized debt discounts, if Avenue does not convert up to $5.0 million of the loan into Common Stock between May 21, 2022 through May 21, 2024:

 

(in thousands)

 

As of December 31, 2021

 

2022

 

$

 

2023

 

 

6,667

 

2024

 

 

13,333

 

2025

 

 

 

2026

 

 

 

Thereafter

 

 

 

Subtotal of future principal payments

 

 

20,000

 

Less unamortized debt discount associated with issuance date warrant fair value
   and financing costs

 

 

(1,654

)

Total

 

$

18,346