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Note 15 - Long Term Debt and Financial Instruments Carried at Fair Value | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Long-term Debt [Text Block] | 15— LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE 15 - 1 Long-term debt:
|  | December 31,
|  | 2019 |  | 2018
France term loan |  |  | 351 |  |  |  | 526 |
Japanese term loan (YEN) |  |  | 617 |  |  |  | 628 |
Germany term loan |  |  | 438 |  |  |  | 632 |
Italy term loan |  |  | - |  |  |  | 27 |
Malaysia term loan |  |  | 13 |  |  |  | 17 |
Total long term debt |  |  | 1,420 |  |  |  | 1,830 |
Less current portion |  |  | (462 | ) |  |  | (491 | )
Total long-term portion |  |  | 957 |  |  |  | 1,339 |
As of December 31, 2019, long-term debt in Japan consists of two new loans in Yen with the following conditions:
|  | Initial Amount |  | Maturity |  | Fixed Interest rate |  | Frequency of principal payments
EDAP Technomed Co. Ltd |  |  | 80,000,000 |  |  | August 2, 2026 |  |  | 1.98 | % |  | Monthly instalment
EDAP Technomed Co. Ltd |  |  | 40,000,000 |  |  | April 15, 2020 |  |  | 2.91 | % |  | Monthly instalment
As of December 31, 2018, long-term debt in Japan consists of a loan in Yen with the following conditions:
|  | Initial Amount |  | Maturity |  | Fixed Interest rate |  | Frequency of principal payments
EDAP Technomed Co. Ltd |  |  | 80,000,000 |  |  | November 30, 2025 |  |  | 1.98 | % |  | Monthly instalment
This long-term debt was fully reimbursed in August 2019. As of December 31, 2019 and 2018, long-term debt in Germany consists of three loans in euro with the following conditions:
|  | Initial Amount |  | Maturity |  | Fixed Interest rate |  | Frequency of principal payments
EDAP TMS GMBH |  |  | 450,000 |  |  | November 30, 2020 |  |  | 2.49 | % |  | Monthly instalment
This loan is pledged by an HIFU equipment with a purchase value of €450 thousand.
|  | Initial Amount |  | Maturity |  | Fixed Interest rate |  | Frequency of principal payments
EDAP TMS GMBH |  |  | 136,500 |  |  | December 31, 2022 |  |  | 2.25 | % |  | Monthly instalment
This loan is pledged by a UDS equipment with a purchase value of €136 thousand.
|  | Initial Amount |  | Maturity |  | Fixed Interest rate |  | Frequency of principal payments
EDAP TMS GMBH |  |  | 400,000 |  |  | April 30, 2023 |  |  | 2.40 | % |  | Monthly instalment
This loan is pledged by an HIFU equipment with a purchase value of €438 thousand. As of December 31, 2018, long-term debt in Italy consists of a loan in euro for an initial amount of €242 thousand with an interest rate of Euribor 1 month + 4.5% which matured on June 6, 2019. As of December 31, 2019 and 2018, long-term debt in France consists of one loan in Euro to finance the ERP project with the following conditions:
|  | Initial Amount |  | Maturity |  | Fixed Interest rate |  | Frequency of principal payments
EDAP TMS FRANCE |  |  | 700,000 |  |  | October 16, 2021 |  |  | 0.40 | % |  | Quarterly instalment
As of December 31, 2019 and 2018, long-term debt in Malaysia consists of a loan in Ringgit with the following conditions:
|  | Initial Amount |  | Maturity |  | Fixed Interest rate |  | Frequency of principal payments
EDAP TECHNOMED SDN BHD |  |  | 90,000 |  |  | July 31, 2022 |  |  | 4.64 | % |  | Monthly instalment
15 - 2 Financial instruments carried at fair value: On March 28, 2012, pursuant to a securities purchase agreement dated March 22, 2012, as amended, the Company issued new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “March 2012 Placement”) with warrants attached (the “March 2012 Investor Warrants”) allowing Investors to purchase up to 1,406,250 new ordinary shares of the Company. The Company also issued warrants to the placement agent, Rodman & Renshaw LLC (the “March 2012 Placement Agent Warrants” giving rights to the Placement Agent to purchase up to 168,750 new shares of the Company (together with the March 2012 Investor Warrants: the “March 2012 Warrants”). The Company determined that the March 2012 Warrants should be accounted for as a liability. The Company used the Black-Scholes pricing model to value the March 2012 Warrants at inception, with subsequent changes in fair value recorded as a financial expense or income. On May 28, 2013, pursuant to a securities purchase agreement dated May 20, 2013, as amended, the Company issued 3,000,000 new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “May 2013 Placement”), at a price of $4.00 per share, with warrants attached (the “May 2013 Investor Warrants”). The May 2013 Investor Warrants allowed investors to purchase up to 1,500,000 shares in the form of ADSs at an exercise price of $4.25. The May 2013 Investor Warrants were exercisable as from November 29, 2013 and expired on November 29, 2018. The Company also issued warrants to the placement agent, H.C. Wainwright & Co., LLC with an exercise price of $5.00 per share (the “May 2013 Placement Agent Warrants” and together with the May 2013 Investor Warrants, the “May 2013 Warrants”), The May 2013 Placement Agent Warrants were exercisable from November 29, 2013 and expired on May 28, 2016. As the May 2013 Warrants comprised the same structure and provisions than the March 2012 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the Euro, the Company determined that the May 2013 Warrants should be accounted for as a liability. Total gross proceeds for the May 2013 Placement amounted to $12 million (€ 9.270 million), out of which $3.817 million ( €2.950 million) allocated to the Investor and Placement Agent Warrants based on their fair value and accounted for as liability, and the remaining $8.183 million ( €6.320 million) allocated to the share capital increase (see note 16 - 1 ). The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income. On April 14, 2016, pursuant to a securities purchase agreement dated April 7, 2016, the Company issued 3,283,284 ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “April 2016 Placement”), at a price of $3.50 per share, with warrants attached (the “April 2016 Investor Warrants”). The April 2016 Investor Warrants allowed investors to purchase up to 3,283,284 shares in the form of ADSs at an exercise price of $4.50. The April 2016 Investor Warrants were exercisable from October 14, 2016 and expired on October 14, 2018. As the April 2016 Warrants comprised the same structure and provisions than the March 2012 and May 2013 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the Euro, the Company determined that the April 2016 Warrants should be accounted for as a liability. Total gross proceeds for the placement amounted to $11.5 million (€ 10.2 million), out of which $3.578 million ( €3.168 million) allocated to the Investor Warrants based on their fair value and accounted for as liability, and the remaining $7.913 million ( €7.006 million) allocated to the share capital increase (see Note 16 - 1 ). The Company used the Black-Scholes pricing model to value the April 2016 Warrants at inception, with changes in fair value recorded as a financial expense or income. As of December 31, 2018 and 2019, there were no more warrants outstanding. Refer to Note 24 for more details on the fair value of Financial Instruments. 15 - 3 Long-term debt maturity: Long-term debt carried at fair value at December 31, 2019 mature as follows:
2020 |  |  | 462 |
2021 |  |  | 384 |
2022 |  |  | 208 |
2023 |  |  | 122 |
2024 and thereafter |  |  | 243 |
Total |  |  | 1,420 |

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