Debt, Net (Tables)

9 Months Ended

Sep. 30, 2023

The following table summarizes the components of Debt, net (in thousands):


	September 30, 2023		December 31, 2022
Debt, net, current:
Sprott Credit Agreement	$	2,200	$	2,200
Notes payable	128		128

Total	$	2,328	$	2,328

Debt, net, non-current:
Sprott Credit Agreement, net of original issue discount of $8.8 million, net of amortization	$	42,518	$	42,503
Subordinated Notes	99,160		92,080
Notes payable	108		205
Less, debt issuance costs	(1,745)		(2,098)
Total	$	140,041	$	132,690

Schedule of Maturities of Long-Term Debt

The following table summarizes the Company’s contractual payments of Debt, net, including current maturities, for the five years subsequent to September 30, 2023 (in thousands):


October 1, 2023 through December 31, 2023	$	581
2024	2,329
2025	1,154
2026	22
2027	148,850
Total	152,936
Less, original issue discount, net of accumulated amortization of $11.3 million	(8,822)
Less, debt issuance costs, net of accumulated amortization of $3.2 million	(1,745)
Total debt, net	$	142,369

Schedule of Components of Recorded Interest Expense

The following table summarizes the components of recorded Interest expense (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Sprott Credit Agreement(1)	$	1,600	$	1,261	$	4,620	$	3,848
Subordinated Notes(2)	2,418		2,514		7,085		7,279
Amortization of original issue discount(3)	562		561		1,665		2,279
Amortization of debt issuance costs(3)	117		117		346		571
Other interest expense	1		6		5		26

Total	$	4,698	$	4,459	$	13,721	$	14,003

(1)The Sprott Credit Agreement bears interest monthly at a floating rate not less than 8.5% and the current effective interest rate is 14.2%.

(2)The Subordinated Notes bear interest at 10.0% per annum (non-cash), payable in-kind on a quarterly basis.

(3)The effective interest rate for the amortization of the discount and issuance costs as of September 30, 2023 was 1.6%.