Quarterly report pursuant to Section 13 or 15(d)

Deferred Debt Issuance Costs

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Deferred Debt Issuance Costs
 3 Months Ended
Mar. 31, 2023
Deferred Debt Issuance Costs [Abstract]  
Deferred Debt Issuance Costs

Note 8 – Deferred Debt Issuance Costs

 

Deferred debt issuance costs consist of the following (in thousands):

 

    March 31,
2023		     December 31,
2022		  
SLOC   $ 223     $ 223  
Line of Credit     9,943      
-
  
Total     10,166       223  
Accumulated amortization     (1,905 )     (73 )
Deferred debt issuance costs, net   $ 8,261     $ 150  

 

Line of Credit

 

On February 2, 2023, the Company entered into its Line of Credit and recorded deferred debt issuance costs of approximately $9.9 million (See Note 3). During the three months ended March 31, 2023, the Company recognized amortization expense of approximately of $1.6 million in connection with the Line of Credit, which is recorded as interest expense on the accompanying condensed consolidated statement of operations. During the three months ended March 31, 2023, in connection with the $2.0 million draw down and issuance of the convertible promissory note, the Company recognized amortization expense of approximately $0.2 million, which is recorded as other expense on the accompanying condensed consolidated statement of operations (See Note 3).

 

SLOC

 

For the three months ended March 31, 2023 and 2022, in connection with its SLOC, the Company recognized amortization expense of approximately $41,000 and $73,000, respectively, which is recorded as other expense on the accompanying condensed consolidated statements of operations.