XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Long-Term Debt and Borrowing Arrangements | 6 Months Ended
--- | ---
Jun. 30, 2024
Long-Term Debt and Borrowing Arrangements [Abstract] |
Long-term debt and borrowing arrangements |
| 6. | Long-term debt and borrowing arrangements
The Company’s indebtedness as of June 30, 2024 and December 31, 2023 consisted of the following:
|  | As of June 30, 2024 |  |  | Interest Rate |  |  | As of December 31, 2023 |  |  | Interest Rate |
$10 million revolving credit arrangement – related party (due December 2026) |  | $ | 7,036 |  |  |  | 2.75 | % |  | $ | 6,828 |  |  |  | 2.75 | %
€1.5 million term loan (due April 2026) |  |  | 750 |  |  |  | 1.70 | % |  |  | 980 |  |  |  | 1.70 | %
$12.785 million term loan – related party (due December 2026) |  |  | 8,363 |  |  |  | 2.75 | % |  |  | 9,697 |  |  |  | 2.75 | %
€7 million term loan (due April 2027) |  |  | 4,066 |  |  |  | 5.69 | % |  |  | 4,861 |  |  |  | 6.00 | %
$7.25 million term loan – related party (due December 2027) |  |  | 6,827 |  |  |  | 3.75 | % |  |  | 7,250 |  |  |  | 3.75 | %
$1.25 million term loan – (due March 31, 2025) |  |  | 1,250 |  |  |  | 8.88 | % |  |  | — |  |  |  | — |
$7.22 million term loan – related party (due March 31, 2025) |  |  | 7,221 |  |  |  | 8.88 | % |  |  | — |  |  |  | — |
|  |  | 35,513 |  |  |  |  |  |  |  | 29,616 |  |  |  |  |
Less: Current portion of long-term debt and short-term debt |  |  | 15,661 |  |  |  |  |  |  |  | 6,651 |  |  |  |  |
|  | $ | 19,852 |  |  |  |  |  |  | $ | 22,965 |  |  |  |  |
As of June 30, 2024, the remaining commitment available under the Company’s related party revolving credit arrangements was the following:
|  | Available Capacity |
$10 million revolving credit arrangement (due December 2026) |  | $ | 2,964 |
$10 million revolving credit arrangement In December 2021, the Company entered into a $10.0 million revolving credit arrangement with Collections (now known as Infinite Acquisitions). This arrangement, which is subject to an annual fixed interest rate of 2.75%, matures in December 2026. €1.5 million term loan In April 2020, the Company entered into a six-year €1.5 million Institute of Official Credit (ICO) term loan with a Spanish bank, with a fixed interest rate of 1.70%. The loan was interest only for the first twelve months, thereafter principal and interest is payable monthly in arrears. $12.785 million term loan In December 2021, the Company entered into a five-year $12.785 million term loan with Collections. The loan bears interest at 2.75% per annum. The loan was interest only for the first twelve months, thereafter principal and interest is payable quarterly in arrears. €7 million term loan In March 2019, the Company entered into a seven-year €7 million term loan with a Spanish bank, which was interest only for the first eighteen months, thereafter principal and interest was payable monthly in arrears. In January 2021, the loan was modified and bears interest at six-month Euribor plus 2.00%. Loan is collateralized by the Company’s investment in PDP. $7.25 million Term Loan In December 2022, the Company entered into a five-year $7.25 million term loan with Infinite Acquisitions. The loan bears interest at 3.75% per annum. The loan was interest only for the first twelve months, thereafter principal and interest is payable quarterly in arrears. $1.25 million Term Loan In March 2024, Falcon’s Opco entered into a one-year $1.25 million term loan with Universal Kat Holdings, LLC (“Universal Kat”). The loan bears interest at 8.875% per annum, which is payable quarterly in arrears. On June 14, 2024, Falcon’s Opco entered into a loan amendment with Universal Kat to defer the first interest and principal payment from June 30, 2024 to the earlier of 1) September 30, 2024; 2) within five business days after the date upon which Falcon’s Opco receives a distribution of funds from PDP as result of an asset sale transaction; or 3) within five business days after the date upon which Falcon’s Opco receives cash proceeds as the result of a debt or equity fundraising transaction with a third-party resulting in net proceeds of $20 million or more. Following the amendment above, Universal Kat assigned the entire loan to FAST Sponsor II, LLC (“FAST II Sponsor”), in exchange for the sale by FAST II Sponsor to Universal Kat of Class A shares of Falcon’s Opco held by FAST II Sponsor. Falcon’s Opco provided written consent on the assignment. This transfer was between FAST II and Universal Kat, and therefore there was no impact to the Company’s financial statements as a result of this transfer. There were no additional changes to the loan agreement terms due to this reassignment. $7.221 million Term Loan In March 2024, Falcon’s Opco entered into a one-year $7.221 million term loan with Katmandu Ventures, LLC (“Katmandu Ventures”). The loan bears interest at 8.875% per annum, which is payable quarterly in arrears. On June 14, 2024, Falcon’s Opco entered into a loan amendment with Katmandu Ventures to defer the first interest and principal payment from June 30, 2024 to the earlier of 1) September 30, 2024; 2) within five business days after the date upon which Falcon’s Opco receives a distribution of funds from PDP as result of an asset sale transaction; or 3) within five business days after the date upon which Falcon’s Opco receives cash proceeds as the result of a debt or equity fundraising transaction with a third-party resulting in net proceeds of $20 million or more. Following the amendment above, Katmandu Ventures assigned $6.3 million of the loan to FAST II Sponsor, in exchange for the sale by FAST II Sponsor to Katmandu Ventures of Class A shares of Falcon’s Opco held by FAST II Sponsor. Falcon’s Opco provided written consent on the assignment. This transfer was between FAST II and Katmandu Ventures, and therefore there was no impact to the Company’s financial statements as a result of this transfer. The remaining $0.9 million of the loan is still outstanding with Katmandu Ventures and will be paid according to the amended payment terms. There were no additional changes to the loan agreement terms due to this reassignment.

X
- References No definition available. + Details
Name: | us-gaap_LongTermDebtAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration