Quarterly report pursuant to Section 13 or 15(d)

Deferred Debt Issuance Costs

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Deferred Debt Issuance Costs
 9 Months Ended
Sep. 30, 2023
Deferred Debt Issuance Costs [Abstract]  
Deferred Debt Issuance Costs

Note 7 – Deferred Debt Issuance Costs

 

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

 

    September 30,
2023		     December 31,
2022		  
Standing letter of credit   $ 150     $ 223  
Equity letter of credit     555          
Line of credit   $ 9,943      
-
  
Total     10,648       223  
Accumulated amortization     (6,801 )     (73 )
Deferred debt issuance costs   $ 3,847     $ 150  

 

SLOC

 

For the three months ended September 30, 2023 and 2022, the Company recognized amortization expense of approximately $0.1 million and $23,000, respectively. For the nine months ended September 30, 2023 and 2022, the Company recognized amortization expense of approximately $0.2 million and $0.1 million, respectively.

 

Equity line of credit

 

In July 2023, the Company entered into the equity line of credit (“ELOC”) for the right to sell common stock shares to an investor and recorded deferred debt issuance costs of approximately $0.6 million. For the three and nine months ended September 30, 2023, the Company recognized amortization expense of approximately $0.1 million and $0.1 million, respectively.

  

Line of Credit

 

In February 2023, the Company entered into its line of credit and recorded deferred debt issuance costs of approximately $9.9 million. During the three and nine months ended September 30, 2023, the Company recognized amortization expense of approximately $2.4 million and $6.5 million, respectively. During the nine months ended September 30, 2023, in connection with the $2.4 million draw down and issuance of the convertible promissory notes, the Company recognized amortization expense of approximately $0.2 million.