Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

DEBT

NOTE 12 DEBT

Debt consisted of the following as of March 31, 2022 and December 31, 2021:

		Original	March 31, 2022						December 31, 2021
(Amounts in thousands)	Note Reference	Maturity Date	Amount Outstanding			Interest Rate			Amount Outstanding			Interest Rate
Secured Notes Payable
Secured senior convertible note payable	A	5/27/23	$	4,583			6.0	%	$	6,417			6.0	%
Secured senior convertible note payable	B	8/25/23		3,867			6.0	%		4,833			6.0	%
Secured note payable	C	11/26/21		500			9.0	%		1,000			9.0	%
Secured note payable	D	1/29/22		-			0.0	%		5,205			>8% or Libor +6.75	%
Total secured notes payable				8,950						17,455
Notes Payable
Notes payable	E	2/16/2023		1			3.0	%		11			3.0	%
PPP loans	F	5/5/22		-			1.0	%		2			1.0	%
SBA loan	G	5/15/50		146			3.8	%		150			3.8	%
Total notes payable				147						163
Convertible Notes Payable
Convertible note payable	H	6/3/22		600			5.0	%		600			5.0	%
Convertible note payable	I	1/29/26		11,150			3.3	%		11,150			1.0	%
Total convertible notes payable				11,750						11,750
Total long-term debt				20,847						29,368
Less unamortized discounts and debt issuance costs				(2,935	)					(3,518	)
Total long-term debt, less discounts and debt issuance costs				17,912						25,850
Less current portion of long-term debt				(1,101	)					(13,577	)
Debt classified as long-term debt			$	16,811					$	12,273

During the three months ended March 31, 2022 (a) $2.8 million of Notes A and B principal was satisfied by $1.9 million (plus interest) of aggregate payments in cash, plus aggregate conversions of principal and interest of $0.9 million and $44,000, respectively, into an aggregate of 1,576,058 shares of the Company’s common stock; (b) $0.5 million of Note C past due principal was repaid in cash; (c) $5.2 million of Note D (the Tucson Building mortgage) was repaid in cash from the proceeds of the January 31, 2022 building sale; and (d) an aggregate of $16,000 of Notes E, F, and G principal were repaid in cash. The conversions of Notes A and B were pursuant to a share-settled redemption feature wherein the conversions are required to be accounted for under extinguishment accounting, which resulted in the recognition of a $173,000 loss on extinguishment.

Future maturities contractually required by the Company under debt obligations are as follows as of March 31, 2022:

(Amounts in thousands)	Total
Remaining 2022	$	8,583
2023		968
2024		-
2025		-
2026		11,150
Thereafter		146
Total	$	20,847

During the three months ended March 31, 2022 and 2021, the Company recognized $880,000 and $469,000 of interest expense in connection with the aforementioned indebtedness.

For additional information related to debt, including subsequent conversions of Notes A and B principal into common stock, see Note 19 – Subsequent Events – Debt and Equity Developments. Because of such subsequent conversions, the March 31, 2022 outstanding principal of Notes A and B (and the related debt discounts) were fully reclassified from current to long term.