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Investment in Debt Security | 3 Months Ended
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Dec. 31, 2020
Investments Debt And Equity Securities [Abstract] |
Investment in Debt Security | 3. Investment in Debt Security On July 13, 2020, the Company received an interest in a senior secured bond issued from an international seismic marine customer. The Company’s interest in the bond, which has a face value of $13.0 million, was received in exchange for $ 13.0 million of unpaid invoices and late fees owed by the customer. The bond is secured by a third in line lien on the assets owned by the customer and has an 8% interest rate with bi-annual interest and possible principal payments based on available excess cash flows. Interest payments can be made either in cash or in-kind payments in the form of additional debt security. In-kind interest payments require an 8.8% interest rate. The bond matures on July 13, 2022. The bond is listed on the Oslo Alternative Bond Market; however, the actual marketability of the bond is unknown at this time. As of September 30, 2020, the Company performed a fair value assessment of the investment to determine the bond’s initial carrying amount. In accordance with ASC 825, “Fair Value Instruments”, the Company has determined that the investment is a Level 3 financial instrument primarily due to its current unknown marketability. Because of the distressed financial condition of the customer, the Company believed the fair value of the bond was nominal at September 30, 2020. In January 2021, the Company sold the bond for $0.3 million cash pursuant to a purchase agreement (the “Agreement”) entered with a third party (the “Buyer”). Pursuant to the Agreement, the Company will also receive additional cash compensation of $2.4 million from the Buyer if certain terms and conditions between the Buyer and the Company’s customer are met by December 31, 2021. In the event these terms and conditions are not met, the Company has the option to repurchase the bond from the Buyer for one dollar ($1.00).

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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