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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2019
LONG-TERM DEBT [Abstract] |
LONG-TERM DEBT | 5. LONG-TERM DEBT Long-term debt consists of the following:
|  | Dollars in Thousands
|  | December 31, 2019 |  | December 31, 2018
Department of Economic and Community Development (DECD) |  | $ | 249 |  | $ | 274
DECD debt issuance costs |  |  | (24) |  |  | (28)
Financed insurance loan |  |  | 260 |  |  | 204
September 2018 Settlement |  |  | 34 |  |  | 66
Total long-term debt |  |  | 519 |  |  | 516
Current portion of long-term debt |  |  | (321) |  |  | (263)
Long-term debt, net of current maturities |  | $ | 198 |  | $ | 253
Department of Economic and Community Development On January 8, 2018, the Company received gross proceeds of $400,000 when it entered into an agreement with DECD by which the Company received a grant of $100,000 and a loan of $300,000 secured by substantially all of the Company’s assets (the “DECD 2018 Loan”.) For the year ended December 31, 2018, $100,000 has been recorded as clinical research grant revenue in the consolidated statements of operations. The DECD 2018 Loan is a ten-year loan due on December 31, 2027 and includes interest paid monthly at 3.25%. Debt issuance costs associated with the DECD 2018 Loan were approximately $31,000. Amortization of the debt issuance cost was approximately $3,000 for the years ended December 31, 2019 and 2018, respectively. Net debt issuance costs were approximately $24,000 and $28,000 at December 31, 2019 and 2018, respectively, and are presented as a reduction of the related debt in the accompanying consolidated balance sheets. Amortization for each of the next five years is expected to be approximately $3,000. Financed Insurance Loan. The Company finances certain of its insurance premiums (the “Financed Insurance Loans”). In July 2018, the Company financed $0.4 million with a 4.89% interest rate and fully paid off such loan as of July 2019. In July 2019, the Company financed $0.4 million with a 5.0% interest rate and will make monthly payments through May of 2020. As of December 31, 2019 and 2018, the Financed Insurance Loan outstanding balance of $0.3 million and $0.2 million, respectively, was included in current maturities of long-term debt in the Company’s consolidated balance sheets. A corresponding prepaid asset was included in other current assets. Settlement Agreement. On September 21, 2018, the Company entered into a settlement and forbearance agreement with a creditor (the “September 2018 Settlement”) pursuant to which, the Company agreed to make monthly principal and interest payments to the creditor over a two year period, from November 1, 2018 to November 1, 2020, in full and final settlement of $0.1 million of indebtedness that was owed to the creditor on the date of the September 2018 Settlement. The settlement amount will accrue interest at the rate of 10% per annum until paid in full. The September 2018 Settlement outstanding balance of approximately $0.1 million was included in current maturities of long-term debt in the Company’s consolidated balance sheet as of December 31, 2019 and in long-term debt and accounts payable in the Company’s consolidated balance sheet as of December 31, 2018. The aggregate future maturities required on gross long-term debt at December 31, 2019 are as follows:
|  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025 and thereafter |  | Total
DECD loan |  | $ | 30 |  | $ | 28 |  | $ | 30 |  | $ | 30 |  | $ | 31 |  | $ | 100 |  | $ | 249
Financed Insurance Loan |  |  | 260 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 260
September 2018 Settlement |  |  | 34 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34
|  | $ | 324 |  | $ | 28 |  | $ | 30 |  | $ | 30 |  | $ | 31 |  | $ | 100 |  | $ | 543

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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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