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Note 5 - Long-term Debt, Net | 9 Months Ended
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Sep. 30, 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:
|  | September 30, 2020 |  |  | December 31, 2019 |
Refinanced Term Loan due 2023 (less unamortized discount and financing costs of $2,687 and $3,715, respectively) |  | $ | 39,924 |  |  | $ | 48,571 |
Note Payable due 2021 (less unamortized discount of $36 and $100, respectively) |  |  | 1,214 |  |  |  | 2,400 |
Long-term debt, net |  |  | 41,138 |  |  |  | 50,971 |
Less: Current portion of long-term debt |  |  | (4,750 | ) |  |  | (6,873 | )
Long-term debt, net (non-current) |  | $ | 36,388 |  |  | $ | 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, which commenced 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 September 30, 2020, there was no quarterly prepayment resulting from excess cash flow. At September 30, 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 acquisitions), 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, does 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. The first installment payment of $1,250 was made on July 1, 2020, using cash on hand. Maturities As of September 30, 2020, scheduled future maturities of the Refinanced Term Loan and Note Payable are as follows:
Year |  |  | September 30, 2020 |
Remainder of 2020 |  | $ | 875 |
2021 |  |  | 4,750 |
2022 |  |  | 3,500 |
2023 |  |  | 34,736 |
2024 |  |  | — |
Total maturities |  | $ | 43,861 |
Fair value As of September 30, 2020, 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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