INDEBTEDNESS

9 Months Ended

Sep. 30, 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. The maturities of these loans are between 2027 and 2028. The Company is required to maintain a restricted cash collateral account of $90,000 relating to the RETOS 2015 loan, which is reflected as a non-current asset on the balance sheet.

	September 30, 2022		September 30, 2022
	Current		Non-current
NEBT Loan	$	5	$	35
RETOS 2015		47		167
	$	52	$	202

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 September 30, 2022 is as follows (amounts in thousands of dollars):

2023	$	52
2024		57
2025		56
2026		46
2027		28
2028		15
Total	$	254