Note 10 - Troubled Debt Restructuring

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Troubled Debt Restructuring [Text Block]

Note

10.

Troubled Debt Restructuring

The Company evaluated whether the terms of the Amendment, as discussed in Note

8

to the consolidated financial statements, qualified as a troubled debt restructuring under applicable accounting standards. The Company determined that this transaction did qualify. Under the terms of the Amendment, there were

no

transfers of other assets and there was

no

gain or loss recorded on this transaction.

The outstanding balance on the

2017

Notes as of 

December 31, 2019

and 

2018

was $

86.8

and $

85.9

, respectively. At the time of the troubled debt restructuring, the carrying value of the debt was decreased by the fair value of the common stock and warrants issued by the Company under the terms of the Amendment of $

0.3

and $

0.6

million, respectively, less the total accrued interest from

July 1, 2019

through

August 8, 2019

of $

0.5

million at the original variable rate equal to LIBOR plus

3.5%

per annum. Future interest expense is computed using the effective interest method.  

The carrying value of long-term debt is as follows (in thousands):

	December 31, 2019		December 31, 2018
Principal balance, 2017 Notes	$	85,938	$	85,938
Unamortized debt premium, 2017 Notes		886		-
Other long-term debt		-		31
Total long-term debt	$	86,824	$	85,969