Debt (Tables)

12 Months Ended

Dec. 31, 2020

Terms and Assumptions in Valuation of Convertible Option of Notes

The terms and assumptions used to determine the fair value of the Warrants were as follows:


Measurement Date	July 20. 2020
Stock Price	$	2.45
Expected Life in Years	5.00
Annualized Volatility	79.5		%
Discount Rate - Bond Equivalent Yield	0.3		%

The terms and assumptions used in connection with the valuation of the convertible option of the Series B Notes are as follows:


	12/31/2019			03/31/2020			05/28/2020
Issuance date	10/31/2019			10/31/2019			10/31/2019
Maturity date	5/1/2023			5/1/2023			5/1/2023
Term (years)	3.33			3.08			2.92
Principal	$	34,405		$	34,405		$	34,405

Seniority	Senior unsecured			Senior unsecured			Senior unsecured
Conversion price	$	7.20		$	7.20		$	7.20

Stock price	$	4.30		$	2.80		$	4.03
Risk free rate	1.6		%	0.3		%	0.2		%

Volatility	47.3		%	55.0		%	62.5		%

Convertible debt

At December 31, 2020 and December 31, 2019, the net carrying amount of the debt and the remaining unamortized debt discounts and debt issuance costs were as follows (in thousands):


	December 31, 2020		December 31, 2019
Face amount of the 2023 Notes (due May 2023)	$	—	$	66,090
Face amount of the Series B Notes (due May 2023)	—		34,405
Face amount of the Series C Notes (due March 2023)	50,323		—
Face amount of the Series D Notes (due May 2023)	3,352		—
Face amount of the Revolver Credit Facility (due December 2022)	25,000		25,000
Face amount of the 2023 Loan (due February 2023)	102,905		88,464
Total carrying value	181,580		213,959
Less unamortized discounts and debt issuance costs	(21,778)		(27,589)
Deferred gain of the Series D Notes (due May 2023)	2,444		—
Total net carrying value	$	162,246	$	186,370

Debt maturities schedule

Aggregate maturities of the Company’s debt are presented below (in thousands):


Year Ending December 31,
2022	$	25,000
2023	156,580
Total	$	181,580