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Long-term loan | 12 Months Ended
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Dec. 31, 2022
Long-term loan [Abstract] |
Long-term loan | Long-term loan In September 2020, Vedanta entered into a $15.0 million loan and security agreement with Oxford Finance LLC. The loan is secured by Vedanta's assets, including equipment, inventory and intellectual property. The loan bears a floating interest rate of 7.7 percent plus the greater of (i) 30 day U.S. Dollar LIBOR reported in the Wall Street Journal or (ii) 0.17 percent. The loan matures September 2025 and requires interest only payments prior to 2023. The loan also carries a final fee upon full repayment of 7.0 percent of the original principal, or $1.1 million. As part of the loan agreement, Vedanta also issued Oxford Finance LLC 12,886 Series C-2 preferred share warrants with an exercise price of $23.28 per share, expiring September 2030. The outstanding loan balance totaled approximately $15.4 million as of December 31, 2022. The following table summarizes long-term loan activity for the years ended December 31, 2022 and 2021:
| Long-term loan
| 2022 $000s | 2021 $000s
Balance at January 1, | 15,118 |  | 14,818 |
Accrued interest | 1,755 |  | 1,502 |
Interest paid | (1,436) |  | (1,201) |
Other | (38) |  | — |
Balance at December 31, | 15,400 |  | 15,118 |
The following table summarizes Vedanta's future principal payments for the long-term loan as of December 31, 2022:
Balance Type |  |  | 2023 | 2024 | 2025 | Total
Principal |  |  | 5,156 |  | 5,625 |  | 4,219 |  | 15,000 |
Balance of accreted premium net of unamortized issuance costs |  |  |  |  |  | 400 |
Total |  |  |  |  |  | 15,400 |
The long-term loan is presented as follows in the Statement of Financial Position as of December 31, 2022 and 2021:
| Long-term loan
| 2022 $000s | 2021 $000s
Current portion of Long-term loan | 5,156 |  | 857 |
Long-term loan | 10,244 |  | 14,261 |
Total Long-term loan | 15,400 |  | 15,118 |

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