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LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

12 Months Ended

Dec. 31, 2020

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

15— LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE

15-1     Long-term debt:

​

​	​	​	​	​
​		December 31,
​		2020		2019
France term loan		4,394		351
Japanese term loan (YEN)		900		617
Germany term loan		193		438
USA term loan		180		—
Malaysia term loan		8		13
Total long term debt		5,675		1,420
Less current portion		(4,532)		(462)
Total long-term portion		1,143		957

​

As of December 31, 2020, long-term debt in Japan consists of two loans in Yen subscribed with the following conditions:

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP Technomed Co. Ltd		80,000,000	​	August 2, 2026		1.98	%	Monthly instalment
EDAP Technomed Co. Ltd		50,000,000	​	April 2, 2025		1.8	%	Monthly instalment

​

As of December 31, 2019, long-term debt in Japan consists of two loans in Yen with the following conditions :

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		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

​

The long-term debt of 40,000,000 has been fully reimbursed in April 2020.

As of December 31, 2020 , long-term debt in Germany consists of one loan in euro with the following conditions :

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TMS GMBH		400,000	​	April 30, 2023		2.40	%	Monthly instalment

​

This loan was pledged against an HIFU equipment with a purchase value of €438 thousand.

As of December 31, 2019, long-term debt in Germany consists of this previous loan in euro and another loan with the following conditions :

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TMS GMBH		136,500	​	December 31, 2022		2.25	%	Monthly instalment

​

This loan is pledged against a ESWL equipment with a purchase value of €136 thousand. This loan has been fully reimbursed in last quarter of 2020.

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of

​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TMS GMBH		450,000	​	November 30, 2020		2.49	%	Monthly instalment

​

This loan was pledged against an HIFU equipment with a purchase value of €450 thousand, it has been fully reimbursed in November 2020.

As of December 31, 2020, long-term debt in France consists of a loan in Euro to finance the ERP project and three new loans in Euro subscribed in 2020 with the following conditions.

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TMS FRANCE		700,000	​	October 16, 2021		0.40	%	Quarterly instalment

​

This loan is related to ERP SAP project. This four-year loan will be fully reimbursed in October 2021.

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TMS FRANCE		218,000	​	April 1, 2025		0.99	%	Monthly instalment

​

This new loan is pledged against the countervalue in dollars on the loan. This loan constitutes a complete financial package of €1,530,000, of which €218,000 was drawn at the end of December to finance HIFU treatment probes.

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TMS FRANCE		2,000,000	​	August 11, 2021		0.25	%	Monthly instalment

​

This new loan is COVID-related loan guaranteed by the French government with initially one year repayment term but which can be extended to five years (conditions not yet defined).

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TMS FRANCE		2,000,000	​	August 4, 2021		0.25	%	Monthly instalment

​

This new loan is COVID-related loan guaranteed by the French government with initially one year repayment term but which can be extended to five years (conditions not yet defined).

As of December 31, 2019, long-term debt in France consists of one loan in Euro to finance the ERP (SAP) project with the following conditions :

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TMS FRANCE		700,000	​	October 16, 2021		0.40	%	Quarterly instalment

​

As of December 31, 2020 and 2019, long-term debt in Malaysia consists of a loan in Ringgit with the following conditions:

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of

​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TECHNOMED SDN BHD		90,000	​	July 31, 2022		4.64	%	Monthly instalment

​

As of December 31, 2020, long-term debt in USA consists of a loan in USD with the following conditions:

​

​	​	​	​	​	​	​	​	​
​		Initial		​		​		Frequency of
​		Amount	​	Maturity	​	Fixed Interest rate		principal payments
EDAP TECHNOMED INC		221,217	​	May 14, 2022		1	%	Monthly instalment

​

This loan has been received from the US Paycheck Protection Program and may be forgivable in the future if certain conditions are met.

15-2     Financial instruments carried at fair value:

As of December 31, 2020, there is no financial instruments such as warrants.

Refer to Note 26 for more details on the fair value of other Financial Instruments.

15-3     Long-term debt maturity:

Long-term debt carried at fair value at December 31, 2020 matures as follows:

​

​	​	​
2021		4,532
2022		504
2023		228
2024		200
2025 and thereafter		210
Total		5,675

​

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- References

No definition available.

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- Definition

The entire disclosure for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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