Quarterly report pursuant to Section 13 or 15(d)

Convertible Notes

v3.20.4
Convertible Notes
 6 Months Ended
Dec. 31, 2020
Convertible Notes Payable Disclosure [Abstract]  
Convertible Notes

Note 8. Convertible Notes


On December 4, 2020, the Company provided a notice of redemption to the holders of the Company’s outstanding $10,000,000 aggregate principal amount of 6.5% Convertible Senior Notes due 2023 (CUSIP No: 00973N AC6) (the “October 2018 Notes”) regarding the Company’s exercise of its option to redeem all October 2018 Notes on February 1, 2021 (the “Redemption Date”), unless earlier converted as described below, pursuant to the indenture governing the October 2018 Notes. Pursuant to the notice of redemption, the Company would pay holders of the October 2018 Notes that are redeemed a redemption price equal to 100% of the aggregate principal amount of October 2018 Notes being redeemed, plus accrued and unpaid interest as well as an interest make-whole payment with respect to those October 2018 Notes that are redeemed.


All of the holders of the October 2018 Notes elected to convert the October 2018 Notes into shares of common stock of the Company prior to the Redemption Date at a conversion rate equal to 196.08 shares of common stock per $1,000 principal amount of Notes (equivalent to a conversion price of approximately $5.10 per share). See Note 16. Subsequent Events.


The following table summarizes convertible debt as of December 31, 2020 (in thousands):


        Stated                 Remaining     Fair Value
of
Embedded		        
        Interest     Conversion     Face     Debt     Conversion     Carrying  
    Maturity Date   Rate     Price     Value     (Discount)     Option     Value  
Short Term convertible notes payable                                        
6.5% convertible senior notes   02/01/2021     6.50 %   $ 5.10     $ 10,000       (205 )     —       9,795  
Ending Balance as of December 31, 2020                       $ 10,000     $ (205 )   $ —     $ 9,795  
                                                     
Long Term convertible notes payable                                                    
6.5% convertible senior notes   5/31/2023     6.50 %   $ 5.00     $ 15,000       (1,943 )     1,294       14,351  
Ending Balance as of December 31, 2020                       $ 15,000     $ (1,943 )   $ 1,294     $ 14,351  

The following table summarizes convertible debt as of June 30, 2020 (in thousands):


        Stated                 Remaining     Fair Value
of
Embedded		        
        Interest     Conversion     Face     Debt     Conversion     Carrying  
    Maturity Date   Rate     Price     Value     (Discount)     Option     Value  
Long Term convertible notes payable                                        
6.5% convertible senior secured notes   5/31/2023     6.50 %   $ 5.00     $ 15,000     $ (3,918 )   $ 894     $ 11,976  
6.5% convertible senior notes   11/30/2023     6.50 %   $ 5.10       10,000       (564 )     216       9,652  
                                                     
Ending Balance as of June 30, 2020                       $ 25,000     $ (4,482 )   $ 1,110     $ 21,628