INDEBTEDNESS

3 Months Ended

Mar. 31, 2022

INDEBTEDNESS

INDEBTEDNESS

11. INDEBTEDNESS

As a result of the acquisition of VCN the company acquired interest-free or below-market interest rates loans (0%-1%) extended by Spanish governmental institutions of Ministerio de Ciencia , Innovacion y Universidades and ACC10 Generalitat de Catalunya (CDIT loans) The maturities of these loans are between 2027 and 2028. As a result of the VCN acquisition, the company maintains a restricted cash collateral account of $103,000 relating to the RETOS loan, which is reflected a non-current assets on the balance sheet.

	March 31, 2022		March 31, 2022
	Current		Non-current
NEBT Loan		15	$	40
RETOS 2015		53		189
	$	68	$	229

The difference between the fair value of these liabilities (when relevant conditions associated with the grants are met) and the amount received is recognized as a government grant and classified as other operating income in the statement of profit and loss.

A maturity analysis of the debt as of March 31, 2022 is as follows (amounts in thousands of dollars):

2023	68
2024	65
2025	63
2026	52
2027	32
2028	17
Total	297