Quarterly report pursuant to Section 13 or 15(d)

ADVANCES ON FUTURE RECEIPTS

v3.22.2.2
ADVANCES ON FUTURE RECEIPTS
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
ADVANCES ON FUTURE RECEIPTS

6. ADVANCES ON FUTURE RECEIPTS

 

The Company has the following advances on future receipts as of September 30, 2022 and December 31, 2021:

 

Note   Issuance
Date		   Maturity
Date		   Interest
Rate		     Original Borrowing     Balance as of September 30,
2022		     Balance as of December 31, 2021  
                                 
Note 1   October 29, 2021   April 28, 2022     5 %   $ 2,120     $ -     $ 1,299  
Note 2   October 29, 2021   July 25, 2022     28 %     3,808       -       2,993  
Note 3   December 23, 2021   June 22, 2022     5 %     689       -       689  
Note 4   August 25, 2022   May 11, 2023     26 %     3,400       2,971       -  
Total                   $ 10,017       2,971       4,981  
Debt discount                             (697 )     (800 )
Debt issuance costs                             (77 )     -  
Net                           $ 2,197     $ 4,181  

 

 

Note 1

 

On October 29, 2021, the Company received secured advances from an unaffiliated third party totaling $2,015 for the purchase of future receipts/revenues of $2,120. During the nine months ended September 30, 2022, the Company paid $1,270 and amortized $41 of the debt discount. The note was paid in full on April 28, 2022. As of September 30, 2022, the outstanding balance of the note was $0 and the unamortized balance of the debt discount was $0.

 

Note 2

 

On October 29, 2021, the Company received secured advances from an unaffiliated third party totaling $2,744 for the purchase of future receipts/revenues of $3,808. During the nine months ended September 30, 2022, the Company paid $2,993 and amortized $694 of the debt discount. The note was paid in full on August 17, 2022. As of September 30, 2022, the outstanding balance of the note was $0 and the unamortized balance of the debt discount was $0.

 

Note 3

 

On December 23, 2021, the Company received secured advances from an unaffiliated third party totaling $651 for the purchase of future receipts/revenues of $689. During the nine months ended September 30, 2022, the Company paid $689 and amortized $36 of the debt discount. The note was paid in full on June 22, 2022. As of September 30, 2022, the outstanding balance of the note was $0 and the unamortized balance of the debt discount was $0.

 

Note 4

 

On August 25, 2022, the Company received secured advances from an unaffiliated third party totaling $2,500 for the purchase of future receipts/revenues of $3,400. In connection with the secured advance, the Company paid $100 of debt issuance costs which will be amortized over the term using the effective interest rate method. During the nine months ended September 30, 2022, the Company paid $429 and amortized $203 and $23 of the debt discount and debt issuance costs, respectively. As of September 30, 2022, the outstanding balance of the note was $2,971 and the unamortized balance of the debt discount and debt issuance costs were $697 and $77, respectively.