Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 September 30, 2020

OR

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

Commission file number: 000-56139


TRINITY CAPITAL INC.

(Exact name of registrant as specified in its charter)


Maryland

35-2670395

(State or other jurisdiction of incorporation or
organization)

(IRS Employer Identification No.)

3075 West Ray Road
Suite 525
Chandler, Arizona

85226

(Address of principal executive offices)

(Zip Code)

(480) 374-5350

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

   

Trading Symbol(s)

   

Name of each exchange on which registered

None

None

None

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 period 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 every Interactive Data File required to be submitted 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 such files).   Yes      No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth 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 any 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 Act).  Yes      No   

As of November 12, 2020, the registrant had 18,236,043 shares of common stock ($0.001 par value per share) outstanding.


Table of Contents

TRINITY CAPITAL INC.

FORM 10-Q

TABLE OF CONTENTS

PAGE 
NO.

PART I

FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements

3

Consolidated Statements of Assets and Liabilities as of September 30, 2020 (unaudited) and December 31, 2019

3

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and the period August 12, 2019 (date of inception) to September 30, 2019 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2020 and the period August 12, 2019 (date of inception) to September 30, 2019 (unaudited)

5

Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2020 and the period August 12, 2019 (date of inception) to September 30, 2019 (unaudited)

7

Consolidated Schedule of Investments as of September 30, 2020 (unaudited)

8

Notes to Consolidated Financial Statements (unaudited)

22

Item 2.

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

48

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

66

Item 4.

Controls and Procedures

67

PART II

OTHER INFORMATION

67

Item 1.

Legal Proceedings

67

Item 1A.

Risk Factors

68

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

75

Item 3.

Defaults Upon Senior Securities

75

Item 4.

Mine Safety Disclosures

75

Item 5.

Other Information

75

Item 6.

Exhibits

76

SIGNATURES

77

2


Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

    

September 30, 

    

December 31, 

2020

2019

 

(unaudited)

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

Control investments (cost of $57,147 and $0, respectively)

$

49,797

$

Affiliate investments (cost of $25,760 and $0, respectively)

 

26,231

 

Non-control / Non-affiliate investments (cost of $356,415 and $0, respectively)

 

349,456

 

Total investments (cost of $439,322 and $0, respectively)

 

425,484

 

Cash and cash equivalents

 

36,323

 

Restricted cash

 

16,331

 

Interest receivable

 

3,158

 

Deferred financing costs

 

 

3,525

Deferred offering costs

 

 

2,677

Prepaid expenses

 

511

 

Other assets

 

621

 

Total assets

$

482,428

$

6,202

 

  

 

  

LIABILITIES

 

  

 

  

Credit facility, net of $2,589 and $0, respectively, of unamortized deferred financing costs

$

112,411

$

Notes payable, net of $4,822, and $0, respectively, of unamortized deferred financing costs

 

120,178

 

Accounts payable and accrued liabilities

 

5,051

 

5,668

Due to related party

 

 

1,058

Other liabilities

 

7,463

 

Total liabilities

 

245,103

 

6,726

 

  

 

  

Commitments and contingencies (Note 6)

 

  

 

  

 

  

 

  

NET ASSETS

 

  

 

  

Common stock, $0.001 par value per share (200,000,000 authorized, 18,236,043 and 10 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively)

 

18

 

Paid-in capital in excess of par

 

262,534

 

Distributable earnings (accumulated loss)

 

(25,227)

 

(524)

Total net assets

 

237,325

 

(524)

Total liabilities and net assets

$

482,428

$

6,202

NET ASSET VALUE PER SHARE

$

13.01

$

(52,418.20)

See accompanying notes to consolidated financial statements.

3


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

    

For the Period

For the Three

For the Nine

of August 12, 2019

Months Ended

Months Ended

(date of inception)

    

September 30, 2020

    

September 30, 2020

    

to September 30, 2019

INVESTMENT INCOME:

 

  

  

  

Interest income:

 

  

  

  

Control investments

$

1,045

$

2,617

$

Affiliate investments

 

144

 

876

 

Non-Control / Non-Affiliate investments

 

11,372

 

33,322

 

Total interest income

12,561

36,815

Fee income:

One-time fee income:

Non-Control / Non-Affiliate investments

968

2,806

Total fee income

968

2,806

Total investment income

 

13,529

 

39,621

 

 

  

 

  

 

  

EXPENSES:

 

  

 

  

 

  

Interest expense and other debt financing costs

 

3,965

 

12,554

 

Compensation and benefits

 

2,782

 

5,841

 

General and administrative

 

1,237

 

3,265

 

38

Total expenses

 

7,984

 

21,660

 

38

 

  

 

  

 

  

NET INVESTMENT INCOME

 

5,545

 

17,961

 

(38)

 

  

 

  

 

  

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

 

  

 

  

 

  

Control investments

 

 

 

Affiliate investments

 

 

 

Non-Control / Non-Affiliate investments

 

(1,490)

 

(4,374)

 

Net realized loss from investments

 

(1,490)

 

(4,374)

 

 

  

 

  

 

  

NET CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) FROM INVESTMENTS:

 

  

 

  

 

  

Control investments

 

818

 

(7,350)

 

Affiliate investments

 

2,605

 

471

 

Non-Control / Non-Affiliate investments

 

4,856

 

(6,957)

 

Net change in unrealized appreciation/(depreciation) from investments

 

8,279

 

(13,836)

 

 

  

 

  

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS BEFORE FORMATION COSTS

 

12,334

 

(249)

 

(38)

Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds

 

 

(15,586)

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

12,334

$

(15,835)

$

(38)

 

  

 

  

 

  

NET INVESTMENT INCOME PER SHARE - BASIC AND DILUTED

$

0.31

$

1.00

$

N/M

 

  

 

  

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC AND DILUTED

$

0.68

$

(0.88)

N/M

 

  

 

  

 

  

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED

 

18,166,491

 

18,033,173

 

10

See accompanying notes to consolidated financial statements.

4


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

For the Three Months Ended September 30, 2020:

    

    

    

    

Distributable

    

Earnings

Common Stock

Paid In Capital

(Accumulated

Total

Shares

Par Value

in Excess of Par

Loss)

Net Assets

Balance as of June 30, 2020 (unaudited)

 

18,137,600

$

18

$

261,292

$

(32,664)

$

228,646

Distributions to stockholders

 

 

 

 

(4,897)

 

(4,897)

Net increase (decrease) in net assets resulting from operations:

 

  

 

  

 

  

 

  

 

Net investment income

 

 

 

 

5,545

 

5,545

Net realized gain (loss) from investments

 

 

 

 

(1,490)

 

(1,490)

Net unrealized appreciation (depreciation) from investments

 

 

 

 

8,279

 

8,279

Issuance of common stock pursuant to distribution reinvestment plan

98,443

1,242

1,242

Balance as of September 30, 2020 (unaudited)

 

18,236,043

$

18

$

262,534

$

(25,227)

$

237,325

For the Nine Months Ended September 30, 2020:

    

    

    

    

Distributable

    

Paid In Capital

Earnings

Common Stock

in Excess of

(Accumulated

Total

Shares

Par Value

Par Value

Loss)

Net Assets

Balance as of December 31, 2019 (audited)

 

10

$

$

$

(524)

$

(524)

Issuance of shares related to Formation Transaction (1)

 

9,716,517

 

10

 

145,738

 

 

145,748

Issuance of common stock, net of issuance costs

 

8,333,333

 

8

 

114,463

 

 

114,471

Distributions to stockholders

 

 

(8,868)

(8,868)

Net increase (decrease) in net assets resulting from operations:

 

  

 

  

 

  

 

  

 

Net investment income

 

 

 

 

17,961

 

17,961

Net realized gain (loss) from investments

 

 

 

 

(4,374)

 

(4,374)

Net unrealized appreciation (depreciation) from investments

 

 

 

 

(13,836)

 

(13,836)

Issuance of common stock pursuant to distribution reinvestment plan

186,183

2,333

2,333

Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds

 

 

 

 

(15,586)

 

(15,586)

Balance as of September 30, 2020 (unaudited)

 

18,236,043

$

18

$

262,534

$

(25,227)

$

237,325


(1)See “Note 1 - Organization and Basis of Presentation” and “Note 12 - Formation Transactions”.

See accompanying notes to consolidated financial statements.

5


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

For the Period August 12, 2019 (date of inception) to September 30, 2019:

    

    

    

    

Distributable

    

Paid In Capital

Earnings

Common Stock

in Excess of

(Accumulated

Total

Shares

Par Value

Par Value

Loss)

Net Assets

Balance as of August 12, 2019 (date of inception)

 

$

$

$

$

Issuance of common stock, net of issuance costs

 

10

 

 

 

 

Net increase (decrease) in net assets resulting from operations:

 

  

 

  

 

  

 

  

 

Net investment income

 

 

 

 

(38)

 

(38)

Balance as of September 30, 2019 (unaudited)

 

10

$

$

$

(38)

$

(38)

See accompanying notes to consolidated financial statements.

6


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)

    

    

For the Period August 12, 2019

For the Nine Months Ended

(date of inception)

 

September 30, 2020

 

to September 30, 2019

Cash flows from operating activities:

 

  

 

  

Net decrease in net assets resulting from operations

$

(15,835)

$

(38)

Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used in) operating activities:

 

  

 

  

Purchase of investments

 

(137,505)

 

Proceeds from sales and paydowns of investments

 

118,644

 

Net change in unrealized depreciation from investments

 

13,836

 

Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds

 

15,586

 

Net realized gain/(loss) from investments

 

4,374

 

Accretion of original issue discounts and end of term payments on investments

 

(7,810)

 

Amortization of deferred financing costs

 

2,182

 

Depreciation of fixed assets

 

33

 

Change in operating assets and liabilities

 

 

  

Increase in interest receivable

 

(2,045)

 

Increase in prepaid expenses

(511)

Increase in other assets

 

(250)

 

Increase in accounts payable and accrued liabilities

 

3,404

 

Decrease in due to related party

 

(1,058)

 

38

Increase in other liabilities

 

3,053

 

Net cash used in operating activities

 

(3,902)

 

 

  

 

  

Cash flows used in investing activities:

 

  

 

  

Formation Transactions of Legacy Funds, net of cash acquired (1)

 

(89,515)

 

Acquisition of Trinity Capital Holdings

 

(2,211)

 

Acquisition of fixed assets

 

(61)

 

Net cash used in investing activities

 

(91,787)

 

 

  

 

  

Cash flows provided by (used in) financing activities

 

  

 

  

Issuance of common stock

 

125,000

 

Common stock issuance costs

 

(10,529)

 

Proceeds from issuance of notes payable

 

125,000

 

Financing costs paid related to notes payable

 

(5,610)

 

Distributions paid

 

(6,535)

 

Proceeds under credit facility

10,000

Repayments under credit facility

 

(85,000)

 

Financing costs paid related to credit facility

 

(3,983)

 

Net cash provided by financing activities

 

148,343

 

 

  

 

  

Net increase in cash, cash equivalents and restricted cash

 

52,654

 

Cash, beginning of period

 

 

Cash, cash equivalents and restricted cash at end of period

$

52,654

$

 

  

 

  

Supplemental and non-cash investing and financing activities:

 

  

 

  

Cash paid for interest

$

9,592

$

Shares issued to Trinity Capital Holdings (1)

$

8,000

$

Assumption of severance liability (1)

$

3,508

$

Shares issued to the Legacy Investors as part of the Formation Transactions (1)

$

137,748

$

Issuance of common stock pursuant to distribution reinvestment plan

$

2,333

$

Non-cash settlement of investments

$

731

$

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts on the Consolidated Statement of Cash Flows:

As of September 30,

    

2020

    

2019

Cash and cash equivalents

$

36,323

$

Restricted cash

16,331

Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows

$

52,654

$


(1)See “Note 1 - Organization and Basis of Presentation” and “Note 12 - Formation Transactions”

See accompanying notes to consolidated financial statements.

7


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2020

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (3)

  

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount
(5)

  

Cost

  

Fair Value (6)

Debt Securities

Administrative and Support and Waste Management and Remediation (2)

  

  

  

  

  

CleanPlanet Chemical, Inc.

Equipment Financing

January 1, 2022

Fixed interest rate 9.2%; EOT 9.0%

$

1,526

$

1,800

$

1,755

Equipment Financing

May 1, 2022

Fixed interest rate 9.5%; EOT 9.0%

 

380

 

429

 

421

Equipment Financing

August 1, 2022

Fixed interest rate 9.8%; EOT 9.0%

 

466

 

513

 

503

Equipment Financing

February 1, 2023

Fixed interest rate 9.9%; EOT 9.0%

 

937

 

979

 

979

Total CleanPlanet Chemical, Inc.

  

 

3,309

3,721

 

3,658

Seaon Environmental, LLC

Equipment Financing

January 1, 2023

Fixed interest rate 9.0%; EOT 12.0%

$

2,374

$

2,562

$

2,495

Sub-total: Administrative and Support and Waste Management and Remediation (2.6%)*

  

$

5,683

$

6,283

$

6,153

Agriculture, Forestry, Fishing and Hunting (2)

  

  

  

 

  

 

  

 

  

Bowery Farming, Inc.

Equipment Financing

January 1, 2023

Fixed interest rate 8.5%; EOT 8.5%

$

2,762

$

3,000

$

2,879

Equipment Financing

February 1, 2023

Fixed interest rate 8.7%; EOT 8.5%

 

2,718

 

2,880

 

2,918

Equipment Financing

May 1, 2023

Fixed interest rate 8.7%; EOT 8.5%

 

3,346

 

3,513

 

3,542

Total Bowery Farming, Inc.

  

 

8,826

 

9,393

 

9,339

Robotany, Inc.

 

Equipment Financing

January 1, 2024

 

Fixed interest rate 7.6%; EOT 22.0%

$

1,747

 

$

1,736

 

$

1,761

Sub-total: Agriculture, Forestry, Fishing and Hunting (4.7%)*

  

$

10,573

$

11,129

$

11,100

Construction

  

  

  

 

  

 

  

 

  

Dandelion Energy, Inc.

 

Equipment Financing

April 1, 2024

 

Fixed interest rate 9.0%; EOT 12.5%

$

490

$

488

$

500

Project Frog, Inc. (7)

Secured Loan

May 1, 2023

Fixed interest rate 12.0%

$

4,128

$

4,029

$

4,018

Sub-total: Construction (1.9%)*

  

$

4,618

$

4,517

$

4,518

Educational Services (2)

Examity, Inc.

Secured Loan

February 1, 2022

Fixed interest rate 11.5%; EOT 8.0%

$

4,211

$

4,698

$

4,591

Secured Loan

February 1, 2022

Fixed interest rate 11.5%; EOT 4.0%

 

1,985

 

2,095

 

2,096

Secured Loan

January 1, 2023

Fixed interest rate 12.25%; EOT 4.0%

 

1,069

 

1,103

 

1,100

Total Examity, Inc.

  

 

7,265

7,896

 

7,787

Qubed, Inc. dba Yellowbrick

Secured Loan

April 1, 2023

Variable interest rate PRIME + 8.25% or Floor rate 11.5%; EOT 5.0% (18)

$

2,000

$

2,033

$

2,035

Secured Loan

October 1, 2023

Fixed interest rate 11.5%; EOT 4.0%

 

500

 

501

 

508

Total Qubed, Inc. dba Yellowbrick

  

 

2,500

2,534

 

2,543

Sub-total: Educational Services (4.4%)*

 

  

$

9,765

$

10,430

$

10,330

8


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2020

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (3)

  

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount
(5)

  

Cost

  

Fair Value (6)

Debt Securities, Continued

Finance and Insurance (2)

  

  

 

  

 

  

 

  

 

  

DailyPay, Inc.

Secured Loan (19) (23)

October 1, 2024

Variable interest rate PRIME + 7.0% or Floor rate 12.0%; EOT 6.0% (18)

$

340

$

$

Petal Card, Inc.

Secured Loan

December 1, 2023

 

Fixed interest rate 11.0%; EOT 3.0%

$

10,000

$

9,952

$

10,043

Sub-total: Finance and Insurance (4.2%)*

 

  

$

10,340

$

9,952

$

10,043

Health Care and Social Assistance (2)

  

 

  

 

  

 

  

 

  

Lark Technologies, Inc.

Secured Loan

April 1, 2025

Variable interest rate PRIME + 8.25% or Floor rate 11.5%; EOT 4.0% (18)

$

5,000

$

4,774

$

4,774

WorkWell Prevention & Care

Secured Loan

March 1, 2024

 

Fixed interest rate 8.0%; EOT 10.0%

$

3,370

$

3,591

$

3,383

Secured Loan

March 1, 2024

 

Fixed interest rate 8.0%; EOT 10.0%

 

700

 

729

 

701

Total WorkWell Prevention & Care (7)

 

  

 

4,070

 

4,320

 

4,084

Sub-total: Health Care and Social Assistance (3.7%)*

 

  

$

9,070

$

9,094

$

8,858

Information (2)

  

 

  

 

  

 

  

 

  

Figg, Inc.

Secured Loan

January 1, 2022

 

Fixed interest rate 12.0%; EOT 5.0%

$

1,467

$

1,584

$

1,589

Firefly Systems, Inc.

Equipment Financing

February 1, 2023

 

Fixed interest rate 9.0%; EOT 10.0%

$

4,372

$

4,401

$

4,314

Equipment Financing

September 1, 2023

Fixed interest rate 9.0%; EOT 10.0%

3,472

3,519

3,519

Equipment Financing

October 1, 2023

Fixed interest rate 9.0%; EOT 10.0%

419

423

423

Total Firefly Systems, Inc.

8,263

8,343

8,256

Gobiquity, Inc.

Equipment Financing

April 1, 2022

 

Fixed interest rate 7.5%; EOT 20.0%

$

352

$

434

$

436

Hytrust, Inc.

Secured Loan

February 1, 2021

 

Fixed interest rate 11.1%; EOT 10.5%

$

482

$

993

$

790

Oto Analytics, Inc.

 

Secured Loan

March 1, 2023

 

Fixed interest rate 11.5%; EOT 6.0%

$

8,222

 

$

8,615

 

$

8,659

RapidMiner, Inc.

 

Secured Loan

October 1, 2023

 

Fixed interest rate 12.0%; EOT 7.5%

$

10,000

 

$

10,011

 

$

9,999

Smule, Inc.

Secured Loan

January 1, 2022

 

Fixed interest rate 0.0% (24)

$

204

$

204

$

185

STS Media, Inc. (9)

 

Secured Loan

May 1, 2022

 

Fixed interest rate 11.9%; EOT 4.0%

$

7,811

 

$

737

 

$

100

Unitas Global, Inc.

 

Equipment Financing

July 1, 2021

 

Fixed interest rate 9.0%; EOT 12.0%

$

861

 

$

1,195

 

$

1,169

 

Equipment Financing

April 1, 2021

 

Fixed interest rate 7.8%; EOT 6.0%

104

 

124

 

124

Total Unitas Global, Inc.

 

  

965

 

1,319

 

1,293

Sub-total: Information (13.2%)*

 

  

$

37,766

$

32,240

$

31,307

9


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2020

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (3)

  

Maturity Date

  

Interest Rate (4)

  

Principal 
Amount
(5)

  

Cost

  

Fair Value (6)

Debt Securities, Continued

Manufacturing (2)

  

  

 

  

  

 

  

 

  

AyDeeKay LLC

Secured Loan

October 1, 2022

 

Variable interest rate PRIME + 7.5% or Floor rate 10.75%; EOT 3.0% (18)

$

11,325

$

11,578

$

11,220

BHCosmetics, LLC

Equipment Financing

March 1, 2021

 

Fixed interest rate 8.9%; EOT 5.0%

$

262

$

318

$

319

Equipment Financing

April 1, 2021

 

Fixed interest rate 8.7%; EOT 5.0%

 

314

 

368

 

369

Total BHCosmetics, LLC

 

576

 

686

 

688

Footprint International Holding, Inc.

 

Equipment Financing

March 1, 2024

 

Fixed interest rate 10.3%; EOT 8.0%

$

15,747

 

$

16,068

 

$

15,979

Secured Loan

July 1, 2024

Fixed interest rate 12.0%; EOT 9.0%

7,000

7,031

7,100

Total Footprint International Holding, Inc.

22,747

23,099

23,079

Happiest Baby, Inc.

Equipment Financing

September 1, 2022

 

Fixed interest rate 8.4%; EOT 9.5%

$

1,052

$

1,141

$

1,119

Equipment Financing

November 1, 2022

 

Fixed interest rate 8.6%; EOT 9.5%

 

841

 

901

 

904

Equipment Financing

January 1, 2023

 

Fixed interest rate 8.6%; EOT 9.5%

 

800

 

843

 

848

Equipment Financing

June 1, 2023

 

Fixed interest rate 8.2%; EOT 9.5%

 

985

 

1,023

 

1,013

Equipment Financing

January 1, 2024

Fixed interest rate 7.8%; EOT 9.5%

1,344

1,347

1,347

Total Happiest Baby, Inc.

 

  

 

5,022

 

5,255

 

5,231

Health-Ade, LLC

Equipment Financing

February 1, 2022

 

Fixed interest rate 9.4%; EOT 15.0%

$

1,657

$

2,142

$

2,148

Equipment Financing

April 1, 2022

 

Fixed interest rate 8.6%; EOT 15.0%

 

931

 

1,154

 

1,155

Equipment Financing

July 1, 2022

 

Fixed interest rate 9.1%; EOT 15.0%

 

2,257

 

2,682

 

2,690

Total Health-Ade, LLC

 

  

 

  

 

  

 

4,845

 

5,978

 

5,993