Hercules Capital
Hercules Capital, Inc. (Form: 10-Q, Received: 05/04/2017 16:14:07)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended March 31, 2017

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-00702

 

HERCULES CAPITAL, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland

 

743113410

(State or Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

400 Hamilton Ave., Suite 310

Palo Alto, California

(Address of Principal Executive Offices)

 

94301

(Zip Code)

 

(650) 289-3060

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  

On May 1, 2017, there were 82,784,765 shares outstanding of the Registrant’s common stock, $0.001 par value.

 

 

 

 


 

HERCULES CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

  

3

 

Item 1.

 

 

Consolidated Financial Statements

  

3

 

 

 

Consolidated Statement of Assets and Liabilities as of March 31, 2017 and December 31, 2016 (unaudited)

  

3

 

 

 

Consolidated Statement of Operations for the three months ended March 31, 2017 and 2016 (unaudited)

  

5

 

 

 

Consolidated Statement of Changes in Net Assets for the three months ended March 31, 2017 and 2016 (unaudited)

  

6

 

 

 

Consolidated Statement of Cash Flows for the three months ended March 31, 2017 and 2016 (unaudited)

  

7

 

 

 

Consolidated Schedule of Investments as of March 31, 2017 (unaudited)

  

8

 

 

 

Consolidated Schedule of Investments as of December 31, 2016 (unaudited)

  

21

 

 

 

Notes to Consolidated Financial Statements (unaudited)

  

35

Item 2.

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

66

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

93

Item 4.

 

 

Controls and Procedures

  

94

 

PART II. OTHER INFORMATION

  

95

 

Item 1.

 

Legal Proceedings

  

95

Item 1A.

 

 

Risk Factors

 

95

Item 2.

 

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

96

Item 3.

 

 

Defaults Upon Senior Securities

  

96

Item 4.

 

 

Mine Safety Disclosures

  

96

Item 5.

 

 

Other Information

  

96

Item 6.

 

 

Exhibits and Financial Statement Schedules

  

97

 

SIGNATURES

  

99

 

 

 

 

2


 

PART I: FINANCIAL INFORMATION

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts on or after February 25, 2016 and “Hercules Technology Growth Capital, Inc.” and its wholly owned subsidiaries and its affiliated securitization trusts prior to February 25, 2016, unless the context otherwise requires.

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(unaudited)

(dollars in thousands, except per share data)

 

 

 

March 31, 2017

 

 

December 31, 2016

 

Assets

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Non-control/Non-affiliate investments (cost of $1,469,449 and $1,475,918 respectively)

 

$

1,376,181

 

 

$

1,414,210

 

Control investments (cost of $42,751 and $22,598, respectively)

 

 

24,775

 

 

 

4,700

 

Affiliate investments (cost of $12,850 and $13,010, respectively)

 

 

5,311

 

 

 

5,032

 

Total investments, at value (cost of $1,525,050 and $1,511,526 respectively)

 

 

1,406,267

 

 

 

1,423,942

 

Cash and cash equivalents

 

 

148,140

 

 

 

13,044

 

Restricted cash

 

 

12,924

 

 

 

8,322

 

Interest receivable

 

 

11,484

 

 

 

11,614

 

Other assets

 

 

7,433

 

 

 

7,282

 

Total assets

 

$

1,586,248

 

 

$

1,464,204

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

16,513

 

 

$

21,463

 

Credit Facilities

 

 

 

 

 

5,016

 

2021 Asset-Backed Notes, net (principal of $101,411 and $109,205, respectively) (1)

 

 

100,388

 

 

 

107,972

 

Convertible Notes, net (principal of $230,000 and $0, respectively) (1)

 

 

222,542

 

 

 

 

2019 Notes, net (principal of $0 and $110,364, respectively) (1)

 

 

 

 

 

108,818

 

2024 Notes, net (principal of $258,510 and $252,873, respectively) (1)

 

 

251,240

 

 

 

245,490

 

SBA Debentures, net (principal of $190,200 and $190,200, respectively) (1)

 

 

187,669

 

 

 

187,501

 

Total liabilities

 

$

778,352

 

 

$

676,260

 

 

 

 

 

 

 

 

 

 

Net assets consist of:

 

 

 

 

 

 

 

 

Common stock, par value

 

 

83

 

 

 

80

 

Capital in excess of par value

 

 

890,861

 

 

 

839,657

 

Unrealized depreciation on investments (2)

 

 

(120,528

)

 

 

(89,025

)

Accumulated undistributed realized gains on investments

 

 

40,840

 

 

 

37,603

 

Distributions in excess of net investment income

 

 

(3,360

)

 

 

(371

)

Total net assets

 

$

807,896

 

 

$

787,944

 

Total liabilities and net assets

 

$

1,586,248

 

 

$

1,464,204

 

 

 

 

 

 

 

 

 

 

Shares of common stock outstanding ($0.001 par value, 200,000,000 authorized)

 

 

82,801

 

 

 

79,555

 

Net asset value per share

 

$

9.76

 

 

$

9.90

 

 

(1)

The Company’s SBA Debentures, 2019 Notes, 2024 Notes, 2021 Asset-Backed Notes, and Convertible Notes, as each term is defined herein, are presented net of the associated debt issuance costs for each instrument. See “Note 4 – Borrowings”.

(2)

Amounts include $1.7 million and $1.4 million in net unrealized depreciation on other assets and accrued liabilities, including escrow receivables, estimated taxes payable and warrant participation agreement liabilities as of March 31, 2017 and December 31, 2016, respectively.

 

See notes to consolidated financial statements.

3


 

The following table presents the assets and liabilities of our consolidated securitization trust for the 2021 Asset-Backed Notes (see Note 4), which is a variable interest entity (“VIE”). The assets of our securitization VIE can only be used to settle obli gations of our consolidated securitization VIE, these liabilities are only the obligations of our consolidated securitization VIE, and the creditors (or beneficial interest holders) do not have recourse to our general credit. These assets and liabilities a re included in the Consolidated Statement of Assets and Liabilities above.

 

(Dollars in thousands)

 

March 31, 2017

 

 

December 31, 2016

 

Assets

 

 

 

 

 

 

 

 

Restricted Cash

 

$

12,924

 

 

$

8,322

 

Total investments, at value (cost of $214,519 and $244,695, respectively)

 

 

213,437

 

 

 

242,349

 

Total assets

 

$

226,361

 

 

$

250,671

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

2021 Asset-Backed Notes, net (principal of $101,411 and $109,205, respectively) (1)

 

$

100,388

 

 

$

107,972

 

Total liabilities

 

$

100,388

 

 

$

107,972

 

 

(1)

The Company’s 2021 Asset-Backed Notes are presented net of the associated debt issuance costs. See “Note 4 – Borrowings”.

See notes to consolidated financial statements.

4


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

2017

 

 

2016

 

Investment income:

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

$

42,345

 

 

$

36,409

 

Control investments

 

514

 

 

 

 

Affiliate investments

 

2

 

 

 

65

 

Total interest income

 

42,861

 

 

 

36,474

 

Fees

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

3,499

 

 

 

2,465

 

Control investments

 

5

 

 

 

 

Total fees

 

3,504

 

 

 

2,465

 

Total investment income

 

46,365

 

 

 

38,939

 

Operating expenses:

 

 

 

 

 

 

 

Interest

 

9,607

 

 

 

7,018

 

Loan fees

 

2,838

 

 

 

988

 

General and administrative

 

4,064

 

 

 

3,580

 

Employee compensation:

 

 

 

 

 

 

 

Compensation and benefits

 

5,345

 

 

 

4,685

 

Stock-based compensation

 

1,833

 

 

 

2,571

 

Total employee compensation

 

7,178

 

 

 

7,256

 

Total operating expenses

 

23,687

 

 

 

18,842

 

Net investment income

 

22,678

 

 

 

20,097

 

Net realized gain (loss) on investments

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

3,288

 

 

 

(4,468

)

Control investments

 

(51

)

 

 

 

Total net realized gain (loss) on investments

 

3,237

 

 

 

(4,468

)

Net change in unrealized appreciation (depreciation) on investments

 

 

 

 

 

 

 

Non-control/Non-affiliate investments

 

(32,155

)

 

 

(1,460

)

Control investments

 

213

 

 

 

 

Affiliate investments

 

439

 

 

 

126

 

Total net unrealized depreciation on investments

 

(31,503

)

 

 

(1,334

)

Total net realized and unrealized loss

 

(28,266

)

 

 

(5,802

)

Net increase (decrease) in net assets resulting from operations

$

(5,588

)

 

$

14,295

 

 

 

 

 

 

 

 

 

Net investment income before investment gains and losses per common share:

 

 

 

 

 

 

 

Basic

$

0.28

 

 

$

0.28

 

Change in net assets resulting from operations per common share:

 

 

 

 

 

 

 

Basic

$

(0.07

)

 

$

0.20

 

Diluted

$

(0.07

)

 

$

0.20

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

81,420

 

 

 

71,172

 

Diluted

 

81,420

 

 

 

71,199

 

Distributions declared per common share:

 

 

 

 

 

 

 

Basic

$

0.31

 

 

$

0.31

 

 

See notes to consolidated financial statements.

5


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

(unaudited)

(dollars and shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

Income/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

Undistributed

 

 

(Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital in

 

 

Appreciation

 

 

Realized

 

 

in Excess of

 

 

 

 

 

 

Common Stock

 

 

excess

 

 

(Depreciation)

 

 

Gains (Losses)

 

 

Investment

 

 

Net

 

 

Shares

 

 

Par   Value

 

 

of par value

 

 

on Investments

 

 

on Investments

 

 

Income)

 

 

Assets

 

Balance at December 31, 2015

 

72,118

 

 

$

73

 

 

$

751,902

 

 

$

(52,808

)

 

$

27,993

 

 

$

(10,026

)

 

$

717,134

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

(1,334

)

 

 

(4,468

)

 

 

20,097

 

 

 

14,295

 

Public offering, net of offering expenses

 

1,109

 

 

 

1

 

 

 

12,403

 

 

 

 

 

 

 

 

 

 

 

 

12,404

 

Acquisition of common stock under repurchase plan

 

(449

)

 

 

 

 

 

(4,789

)

 

 

 

 

 

 

 

 

 

 

 

(4,789

)

Issuance of common stock under restricted stock plan

 

538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(129

)

 

 

 

 

 

(1,385

)

 

 

 

 

 

 

 

 

 

 

 

(1,385

)

Distributions reinvested in common stock

 

43

 

 

 

 

 

 

496

 

 

 

 

 

 

 

 

 

 

 

 

496

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22,371

)

 

 

(22,371

)

Stock-based compensation (1)

 

 

 

 

 

 

 

2,596

 

 

 

 

 

 

 

 

 

 

 

 

2,596

 

Balance at March 31, 2016

 

73,230

 

 

$

74

 

 

$

761,223

 

 

$

(54,142

)

 

$

23,525

 

 

$

(12,300

)

 

$

718,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2016

 

79,555

 

 

$

80

 

 

$

839,657

 

 

$

(89,025

)

 

$

37,603

 

 

$

(371

)

 

$

787,944

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

(31,503

)

 

 

3,237

 

 

 

22,678

 

 

 

(5,588

)

Public offering, net of offering expenses

 

3,309

 

 

 

3

 

 

 

46,945

 

 

 

 

 

 

 

 

 

 

 

 

46,948

 

Issuance of common stock due to stock option exercises

 

24

 

 

 

 

 

 

181

 

 

 

 

 

 

 

 

 

 

 

 

181

 

Retired shares from net issuance

 

(16

)

 

 

 

 

 

(140

)

 

 

 

 

 

 

 

 

 

 

 

(140

)

Issuance of common stock under restricted stock plan

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retired shares for restricted stock vesting

 

(101

)

 

 

 

 

 

(1,433

)

 

 

 

 

 

 

 

 

 

 

 

(1,433

)

Distributions reinvested in common stock

 

26

 

 

 

 

 

 

388

 

 

 

 

 

 

 

 

 

 

 

 

388

 

Issuance of Convertible Notes

 

 

 

 

 

 

 

3,413

 

 

 

 

 

 

 

 

 

 

 

 

3,413

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,667

)

 

 

(25,667

)

Stock-based compensation (1)

 

 

 

 

 

 

 

1,850

 

 

 

 

 

 

 

 

 

 

 

 

1,850

 

Balance at March 31, 2017

 

82,801

 

 

$

83

 

 

$

890,861

 

 

$

(120,528

)

 

$

40,840

 

 

$

(3,360

)

 

$

807,896

 

 

(1)

Stock-based compensation includes $17 and $25 of restricted stock and option expense related to director compensation for the three months ended March 31, 2017 and 2016, respectively.

 

See notes to consolidated financial statements.

6


 

HERCULES CAPITAL, INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

(dollars in thousands)

 

 

For the Three Months Ended March 31,

 

 

2017

 

 

2016

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

$

(5,588

)

 

$

14,295

 

Adjustments to reconcile net increase in net assets resulting from

operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Purchase of investments

 

(153,665

)

 

 

(170,921

)

Principal and fee payments received on investments

 

141,798

 

 

 

77,808

 

Proceeds from the sale of investments

 

11,995

 

 

 

4,636

 

Net unrealized depreciation on investments

 

31,503

 

 

 

1,334

 

Net realized loss (gain) on investments

 

(3,237

)

 

 

4,468

 

Accretion of paid-in-kind principal

 

(2,199

)

 

 

(1,535

)

Accretion of loan discounts

 

(1,924

)

 

 

(1,863

)

Accretion of loan discount on Convertible Notes

 

112

 

 

 

61

 

Accretion of loan exit fees

 

(6,574

)

 

 

(5,231

)

Change in deferred loan origination revenue

 

284

 

 

 

655

 

Unearned fees related to unfunded commitments

 

976

 

 

 

(87

)

Amortization of debt fees and issuance costs

 

2,508

 

 

 

785

 

Depreciation

 

52

 

 

 

56

 

Stock-based compensation and amortization of restricted stock grants (1)

 

1,850

 

 

 

2,596

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

Interest and fees receivable

 

130

 

 

 

(1,753

)

Prepaid expenses and other assets

 

(1,061

)

 

 

(2,540

)

Accounts payable

 

1

 

 

 

(88

)

Accrued liabilities

 

(5,255

)

 

 

(5,029

)

Net cash provided by (used in) operating activities

 

11,706

 

 

 

(82,353

)

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of capital equipment

 

(39

)

 

 

(127

)

Reduction of (increase in) restricted cash

 

(4,602

)

 

 

5,545

 

Net cash (used in) provided by investing activities

 

(4,641

)

 

 

5,418

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Issuance of common stock, net

 

46,948

 

 

 

12,404

 

Repurchase of common stock, net

 

 

 

 

(4,789

)

Retirement of employee shares

 

(1,392

)

 

 

(1,385

)

Distributions paid

 

(25,279

)

 

 

(21,875

)

Issuance of Convertible Notes

 

230,000

 

 

 

 

Issuance of 2024 Notes Payable

 

5,637

 

 

 

 

Repayments of 2019 Notes Payable

 

(110,365

)

 

 

 

Repayments of 2021 Asset-Backed Notes

 

(7,794

)

 

 

 

Borrowings of credit facilities

 

8,497

 

 

 

106,666

 

Repayments of credit facilities

 

(13,513

)

 

 

(95,663

)

Cash paid for debt issuance costs

 

(4,456

)

 

 

 

Fees paid for credit facilities and debentures

 

(252

)

 

 

(141

)

Net cash provided by (used in) financing activities

 

128,031

 

 

 

(4,783

)

Net increase (decrease) in cash and cash equivalents

 

135,096

 

 

 

(81,718

)

Cash and cash equivalents at beginning of period

 

13,044

 

 

 

95,196

 

Cash and cash equivalents at end of period

$

148,140

 

 

$

13,478

 

 

 

 

 

 

 

 

 

Supplemental non-cash investing and financing activities:

 

 

 

 

 

 

 

Distributions reinvested

 

388

 

 

 

496

 

 

(1)

Stock-based compensation includes $17 and $25 of restricted stock and option expense related to director compensation for the three months ended March 31, 2017 and 2016, respectively.

 

See notes to consolidated financial statements.

7


 

HERCULES CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2017

(unaudited)

(dollars in thousands)

 

Portfolio Company

 

Sub-Industry

 

Type of

Investment (1)

 

Maturity Date

 

Interest Rate and Floor

 

Principal Amount

 

 

Cost (2)

 

 

Value (3)

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology Tools

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exicure, Inc. (11)(14A)

 

Biotechnology Tools

 

Senior Secured

 

September 2019

 

Interest rate PRIME + 6.45%

or Floor rate of 9.95%

 

$

6,000

 

 

$

6,008

 

 

$

6,089

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

6,008

 

 

 

6,089

 

Subtotal: Biotechnology Tools (0.75%)*

 

 

 

 

 

 

 

 

 

 

 

 

6,008

 

 

 

6,089

 

 

Communications & Networking

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Achilles Technology Management Co II, Inc. (6)(13)(14B)

 

Communications & Networking

 

Senior Secured

 

August 2017

 

PIK Interest 10.50%

 

$

1,312

 

 

 

1,378

 

 

 

1,378

 

OpenPeak, Inc. (7)

 

Communications & Networking

 

Senior Secured

 

April 2017

 

Interest rate PRIME + 8.75%

or Floor rate of 12.00%

 

$

12,211

 

 

 

8,975

 

 

 

 

SkyCross, Inc. (6)(7)(14B)(15)

 

Communications & Networking

 

Senior Secured

 

January 2018

 

Interest rate FIXED 10.95%,

PIK Interest 5.00%

 

$

16,758

 

 

 

16,900

 

 

 

2,103

 

Subtotal: Under 1 Year Maturity

 

 

 

 

 

 

 

 

 

 

 

 

27,253

 

 

 

3,481

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spring Mobile Solutions, Inc. (12)(14B)

 

Communications & Networking

 

Senior Secured

 

January 2019

 

Interest rate PRIME + 6.70%

or Floor rate of 9.95%

 

$

3,000

 

 

 

3,063

 

 

 

3,069

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

3,063

 

 

 

3,069

 

Subtotal: Communications & Networking (0.81%)*

 

 

 

 

 

 

 

 

 

 

 

 

30,316

 

 

 

6,550

 

 

Consumer & Business Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antenna79 (p.k.a. Pong Research Corporation) (14A)(15)

 

Consumer & Business Products

 

Senior Secured

 

December 2019

 

Interest rate PRIME + 7.45%

or Floor rate of 10.95%

 

$

20,000

 

 

 

19,911

 

 

 

20,130

 

 

 

Consumer & Business Products

 

Senior Secured

 

December 2018

 

Interest rate PRIME + 6.00%

or Floor rate of 9.50%

 

$

1,000

 

 

 

1,000

 

 

 

1,000

 

Total Antenna79 (p.k.a. Pong Research Corporation)

 

 

 

 

 

 

 

$

21,000

 

 

 

20,911

 

 

 

21,130

 

Second Time Around (Simplify Holdings, LLC) (7)(14A)(15)

 

Consumer & Business Products

 

Senior Secured

 

February 2019

 

Interest rate PRIME + 7.25%

or Floor rate of 10.75%

 

$

2,069

 

 

 

2,104

 

 

 

 

Subtotal: 1-5 Years Maturity

 

 

 

 

 

 

 

 

 

 

 

 

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