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Simplify Loan (Tables) | 9 Months Ended
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Sep. 30, 2024
Simplify Loan |
Summary of Interest Expense | The following table represents interest expense: Summary of Interest Expense
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Amortization of debt costs: |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  | $ | - |  |  | $ | 54 |  |  | $ | 418 |  |  | $ | 161 |
2023 Notes |  |  | - |  |  |  | 64 |  |  |  | 113 |  |  |  | 64 |
Senior Secured Notes |  |  | 23 |  |  |  | 228 |  |  |  | 68 |  |  |  | 676 |
Delayed Draw Term Notes |  |  | 2 |  |  |  | 26 |  |  |  | 8 |  |  |  | 77 |
2022 Bridge Notes |  |  | 5 |  |  |  | 161 |  |  |  | 19 |  |  |  | 1,200 |
Total amortization of debt costs |  |  | 30 |  |  |  | 533 |  |  |  | 626 |  |  |  | 2,178 |
Noncash and accrued interest: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2023 Notes |  |  | 204 |  |  |  | - |  |  |  | 608 |  |  |  | - |
Senior Secured Notes |  |  | 1,601 |  |  |  | - |  |  |  | 4,771 |  |  |  | - |
Delayed Draw Term Notes |  |  | 102 |  |  |  | - |  |  |  | 304 |  |  |  | - |
2022 Bridge Notes |  |  | 920 |  |  |  | - |  |  |  | 2,740 |  |  |  | - |
Other |  |  | - |  |  |  | 152 |  |  |  | - |  |  |  | 754 |
Total noncash and accrued interest |  |  | 2,827 |  |  |  | 152 |  |  |  | 8,423 |  |  |  | 754 |
Cash paid interest: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit |  |  | - |  |  |  | 598 |  |  |  | 1,706 |  |  |  | 1,345 |
Simplify Loan |  |  | 189 |  |  |  | - |  |  |  | 552 |  |  |  | - |
2023 Notes |  |  | - |  |  |  | 44 |  |  |  | - |  |  |  | 44 |
Senior Secured Notes |  |  | - |  |  |  | 1,602 |  |  |  | - |  |  |  | 4,754 |
Delayed Draw Term Notes |  |  | - |  |  |  | 102 |  |  |  | - |  |  |  | 303 |
2022 Bridge Notes |  |  | - |  |  |  | 1,317 |  |  |  | - |  |  |  | 3,764 |
Other |  |  | 113 |  |  |  | 32 |  |  |  | 440 |  |  |  | 421 |
Total cash paid interest (1) |  |  | 302 |  |  |  | 3,695 |  |  |  | 2,698 |  |  |  | 10,631 |
Less interest income (2) |  |  | - |  |  |  | (338 | ) |  |  | - |  |  |  | (338 | )
Total interest expense |  | $ | 3,159 |  |  | $ | 4,042 |  |  | $ | 11,747 |  |  | $ | 13,225 |
(1) | During the three months ended September 30, 2024, prior accrued interest of $363 related to the Simplify Loan was paid in cash, resulting in $665 of total cash paid interest.
(2) | During the three and nine months ended September 30, 2023, the Company recorded interest income of $338 related to refunds received from the employee retention credits.

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