Prior to August 30, 2024, the Company's debt was comprised of two instruments: $17.9 million of 9.75% public senior unsecured notes (the "New Public Notes") which were issued during the third quarter of 2023, and $9.3 million of privately placed 12.5% Senior Secured Notes, which were issued on September 30, 2023. On August 30, 2024, the Company paid off all of its $9.3 million of outstanding Senior Secured Notes with the proceeds from the CIS Sale. The Company incurred a $753,000 call premium from the paydown of the Senior Secured Notes. The Company amortized through interest expense $771,000 of debt issuance costs related to the paydown of the Senior Secured Notes. A summary of the Company's outstanding debt is as follows (dollars in thousands):


	As of September 30, 2024						As of December 31, 2023
	Gross Debt		Unamortized Debt Issuance Costs		Net Debt		Gross Debt		Unamortized Debt Issuance Costs		Net Debt
Senior unsecured notes	$	17,887	$	1,414	$	16,473	$	17,887	$	1,679	$	16,208
Senior secured notes		—		—		—		9,750		897		8,853
Total	$	17,887	$	1,414	$	16,473	$	27,637	$	2,576	$	25,061

The Company issued $17.9 million of New Public Notes during the third quarter of 2023. The new notes bear an interest rate of 9.75% per annum, payable quarterly at the end of March, June, September and December and mature on September 30, 2028. The Company may redeem the new notes, in whole or in part, at face value at any time after September 30, 2025.

On August 30, 2024, the Company paid off all of its Senior Secured Notes. The Company incurred a $753,000 call premium when it paid off the Senior Secured Notes.

The Company restructured its subordinated notes to Senior Secured Notes with its lender on September 30, 2023. The Senior Secured Notes had a maturity date of September 30, 2028, and had an interest rate of 12.5% per annum. Interest was payable quarterly at the end of March, June, September, and December. Quarterly principal payments of $250,000 were required. The Company accounted for this restructuring as a debt modification because there was no concession made to the lender.

The Company incurred $173,000 of restructuring costs from the lender related to the Senior Secured Notes. These costs were capitalized as debt issuance costs as of September 30, 2023.

On August 30, 2024, the Company amortized through interest expense $771,000 of debt issuance costs related to the paydown of the Senior Secured Notes.

As of September 30, 2024, the carrying value of the New Public Notes were offset by $1.4 million of capitalized costs. The debt issuance costs are amortized through interest expense over the life of the loans.

The Company was not subject to any restrictive financial debt covenants as of September 30, 2024, as a result of its paydown of the Senior Secured Notes on August 30, 2024.

The only remaining scheduled principal payments of the Company's debt as of September 30, 2024 is $17.9 million due on September 30, 2028.