Loan and Security Agreement (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Outstanding Debt and Unamortized Debt Discount Balances

Long-term debt and unamortized debt discount balances are as follows:

	December 31,			December 31,
	2020			2019
Outstanding principal amount	$	50,000,000		$	20,000,000
Add: accreted liability of final payment fee		151,912			404,364
Less: unamortized debt discount, long term		(1,830,064	)		(405,071	)
Less: current portion of long-term debt		—			(2,666,667	)
Loan payable, long-term	$	48,321,848		$	17,332,626
Current portion of outstanding principal amount		—			2,666,667
Less: current portion of unamortized debt discount		—			(64,375	)
Loan payable, current portion	$	—		$	2,602,292

Schedule of Principal Payments

Scheduled Principal Payments on Outstanding Debt, as of December 31, 2020, are as follows:

2021	$	—
2022		—
2023		12,193,153
2024		19,761,468
2025		18,045,379
Total principal payments outstanding	$	50,000,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details