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Note 5 - Long-term Debt, Net
 3 Months Ended
Mar. 31, 2020
Notes to Financial Statements  
Debt Disclosure [Text Block]
5.
Long-term debt, net
 
Long-term debt, net, related to the Refinanced Term Loan and Note Payable (as defined below) consisted of the following:
 
   
March 31, 2020
    
December 31, 2019
  
Refinanced Term Loan due 2023 (less unamortized discount of $3,384 and $3,715, respectively)
   $
45,904
     $
48,571
  
Note Payable due 2021 (less unamortized discount of $75 and $100, respectively)
    
2,425
      
2,400
  
Long-term debt, net
    
48,329
      
50,971
  
Less: Current portion of long-term debt
    
(4,750
 )    
(6,873
 )
Long-term debt, net (non-current)
   $
43,579
     $
44,098
  
 
Refinanced Term Loan

On
March 26, 2018,
Fluent, LLC refinanced and fully repaid its existing term loans and certain 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").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.
 
The Refinanced Term Loan matures on
March 
26,
2023
and interest 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 Credit Agreement, as amended, requires the Company to maintain and comply with certain financial and other covenants and includes certain prepayment provisions, including mandatory quarterly principal prepayments with a portion of the Company's excess cash flow. For the
three
months ended
March 31, 2020
, there was
no
prepayment resulting from excess cash flow for the quarter. At
March 31, 2020
, 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 defined in Note
11
, 
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.
 
Maturities
 
As of
March 31, 2020
, scheduled future maturities of the Refinanced Term Loan and Note Payable are as follows:
 
Year    
March 31, 2020
  
Remainder of 2020
   $
3,875
  
2021
    
4,750
  
2022
    
3,500
  
2023
    
39,663
  
2024
    
—
  
Total maturities
   $
51,788
  
 
Fair value
 
As of
March 31, 2020
, the fair value of long-term debt is considered to approximate its carrying value. The fair value assessment represents a Level
2
measurement.