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Note 10 - Long-term Debt, Net | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Debt Disclosure [Text Block] | 10. Long-term debt, net Long-term debt, net, related to the Refinanced Term Loan and Note Payable (as defined below) consisted of the following:
(In thousands) |  | December 31, 2019 |  |  | December 31, 2018 |
Refinanced Term Loan due 2023 (less unamortized discount of $3,715) |  | $ | 48,571 |  |  | $ | 55,472 |
Note Payable due 2021 (less unamortized discount of $100) |  |  | 2,400 |  |  |  | — |
Long-term debt, net |  |  | 50,971 |  |  |  | 55,472 |
Less: Current portion of long-term debt |  |  | (6,873 | ) |  |  | (3,500 | )
Long-term debt, net (non-current) |  | $ | 44,098 |  |  | $ | 51,972 |
Refinanced Term Loan In connection with the Spin-off of Red Violet, Fluent, LLC refinanced and fully repaid the existing term loans (the "Term Loans") and certain promissory notes (the "Promissory Notes"), which had been entered into on December 8, 2015, with a new term loan in the amount of $70.0 million ("Refinanced Term Loan"), pursuant to a Limited Consent and Amendment No. 6 ("Amendment No. 6" ) to its Credit Agreement (the "Credit Agreement"), effective on March 26, 2018 ( the "Refinancing"). As of December 31, 2019 , the Refinanced Term Loan had a principal balance of $52.3. The Refinanced Term Loan is guaranteed by the Company and its direct and indirect subsidiaries, and is secured by substantially all of the assets of the Company and its direct and indirect subsidiaries, including Fluent, LLC, in each case, on an equal and ratable basis. The Refinanced Term Loan accrues interest at the rate of either, at Fluent's option, (a) LIBOR (subject to a floor of 0.50% ) plus 7.00% per annum, or (b) the base rate (generally equivalent to the U.S. prime rate) plus 6.0% per annum, payable in cash. Interest under the Refinanced Term Loan is payable monthly. Scheduled principal amortization of the Refinanced Term Loan is $875 per quarter, commencing with the fiscal quarter ended June 30, 2018. The Refinanced Term Loan matures on March 26, 2023. On March 26, 2018, proceeds from the Refinanced Term Loan were utilized to repay, in full, the outstanding principal amount plus accrued PIK interest of the Term Loans and Promissory Notes of $55,586 and $11,425, respectively. Prepayment premiums and unamortized debt costs associated with the Term Loans of $2,818 and $3,136, respectively, were capitalized in the balance of the Refinanced Term Loan and are being amortized over the remaining period of the Refinanced Term Loan. In addition, refinancing costs paid to third parties of $193 were recognized in loss on disposal of discontinued operations. See Note 5, Discontinued operations . The Credit Agreement, as amended, requires the Company to maintain and comply with certain financial and other covenants, commencing with the fiscal quarter ended June 30, 2018 . In addition, the Credit Agreement, as amended, includes certain prepayment provisions, including mandatory quarterly principal prepayments of the Refinanced Term Loan with a portion of the Company's excess cash flow, as defined in the Credit Agreement. For the fourth quarter ended December 31, 2019 , the quarterly prepayment resulting from excess cash flow i s $2,123 . As of December 31, 2019 , this amount was reclassified to the current portion of long-term debt and will be paid during the fourth quarter. At December 31, 2019 , the Company was in compliance with all of the financial and other covenants under the Credit Agreement. Note Payable On July 1, 2019, in connection with the AdParlor Acquisition (as further discussed in Note 15, Business acquisition), the Company issued a promissory note (the "Note Payable") in the principal amount of $2,350, net of discount of $150 from imputing interest on the non-interest bearing note using a 4.28% rate. The promissory note is guaranteed by the Company's subsidiary, Fluent, LLC, will not accrue interest except in the case of default, is payable in two equal installments on the first and second anniversaries of the date of closing of the acquisition and is subject to setoff in respect of certain indemnity and other matters. As of December 31, 2019 , the Note Payable had a principal balance of $2.5. Maturities As of December 31, 2019 , scheduled future maturities of the Refinanced Term Loan and Note Payable, including the required principal prepayment based on a portion of the Company's quarterly excess cash flow and excluding potential future additional principal prepayments, are as follows:
(In thousands) |  |  |  |
Year |  |  |  |
2020 |  | $ | 6,873 |
2021 |  |  | 4,750 |
2022 |  |  | 3,500 |
2023 |  |  | 39,663 |
Total maturities |  | $ | 54,786 |
Fair value As of December 31, 2019 , the fair value of long-term debt is considered to approximate its carrying value. The fair value assessment represents a Level 2 measurement.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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 + Details
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