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 June 30, 2021

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.)

1 N. 1st Street
3rd Floor
Phoenix, Arizona

85004

(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

Common Stock, par value $0.001 per share

TRIN

Nasdaq Global Select Market

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 August 4, 2021, the registrant had 26,554,664 shares of common stock ($0.001 par value per share) outstanding.


Table of Contents

TRINITY CAPITAL INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2021

TABLE OF CONTENTS

PAGE 
NO.

PART I

FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements

3

Consolidated Statements of Assets and Liabilities as of June 30, 2021 (unaudited) and December 31, 2020

3

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)

4

Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)

5

Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (unaudited)

7

Consolidated Schedule of Investments as of June 30, 2021 (unaudited)

9

Consolidated Schedule of Investments as of December 31, 2020

24

Notes to Consolidated Financial Statements (unaudited)

39

Item 2.

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

70

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

87

Item 4.

Controls and Procedures

88

PART II

OTHER INFORMATION

90

Item 1.

Legal Proceedings

90

Item 1A.

Risk Factors

90

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

91

Item 3.

Defaults Upon Senior Securities

92

Item 4.

Mine Safety Disclosures

92

Item 5.

Other Information

92

Item 6.

Exhibits

93

SIGNATURES

94

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)

    

June 30, 

    

December 31, 

2021

2020

 

(Unaudited)

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

Control investments (cost of $62,363 and $57,072, respectively)

$

41,938

$

48,730

Affiliate investments (cost of $13,001 and $20,653, respectively)

 

11,795

 

27,650

Non-control / Non-affiliate investments (cost of $499,191 and $420,611, respectively)

 

543,963

 

417,271

Total investments (cost of $574,555 and $498,336, respectively)

 

597,696

 

493,651

Cash and cash equivalents

 

19,124

 

44,656

Restricted cash

 

15,341

 

16,445

Interest receivable

 

4,065

 

3,468

Prepaid expenses

 

1,298

 

744

Other assets

 

3,923

 

744

Total assets

$

641,447

$

559,708

 

  

 

  

LIABILITIES

 

  

 

  

Credit Facility, net of $1,053 and $2,107, respectively, of unamortized deferred financing costs

$

68,947

$

132,893

2025 Notes, net of $4,168, and $4,697, respectively, of unamortized deferred financing costs

 

120,832

 

120,303

Convertible Notes, net of $2,786, and $3,448, respectively, of unamortized deferred financing costs and discount

47,214

46,552

Distribution payable

7,682

4,947

Security deposits

 

8,812

 

7,874

Accounts payable, accrued expenses and other liabilities

 

8,240

 

8,391

Total liabilities

 

261,727

 

320,960

 

  

 

  

Commitments and contingencies (Note 6)

 

  

 

  

 

  

 

  

NET ASSETS

 

  

 

  

Common stock, $0.001 par value per share (200,000,000 authorized, 26,491,274 and 18,321,274 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively)

 

26

 

18

Paid-in capital in excess of par

 

369,379

 

263,366

Distributable earnings/(accumulated loss)

 

10,315

 

(24,636)

Total net assets

 

379,720

 

238,748

Total liabilities and net assets

$

641,447

$

559,708

NET ASSET VALUE PER SHARE

$

14.33

$

13.03

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)

    

    

Three Months Ended

Six Months Ended

    

June 30, 2021

    

June 30, 2020

    

June 30, 2021

    

June 30, 2020

INVESTMENT INCOME:

 

  

  

 

  

  

Interest income:

 

  

  

 

  

  

Control investments

$

1,266

$

832

$

2,572

$

1,627

Affiliate investments

 

443

 

604

 

882

 

733

Non-Control / Non-Affiliate investments

 

16,405

 

12,004

 

31,004

 

21,894

Total interest income

18,114

13,440

34,458

24,254

Fee income:

Non-Control / Non-Affiliate investments

1,362

407

2,337

1,841

Total fee income

1,362

407

2,337

1,841

Total investment income

 

19,476

 

13,847

 

36,795

 

26,095

 

  

 

  

 

  

 

  

EXPENSES:

 

  

 

  

 

  

 

  

Interest expense and other debt financing costs

 

4,425

 

4,281

 

9,041

 

8,539

Compensation and benefits

 

3,370

 

1,690

 

7,366

 

3,079

Professional fees

570

700

 

1,216

 

1,180

General and administrative

 

1,031

 

415

1,838

827

Total expenses

 

9,396

 

7,086

 

19,461

 

13,625

 

  

 

  

 

  

 

  

NET INVESTMENT INCOME

 

10,080

 

6,761

 

17,334

 

12,470

 

  

 

  

 

  

 

  

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

 

  

 

  

 

  

 

  

Control investments

 

 

 

 

Affiliate investments

 

1,491

 

 

 

Non-Control / Non-Affiliate investments

 

504

 

(2,002)

 

4,590

 

(2,884)

Net realized gain/(loss) from investments

 

1,995

 

(2,002)

 

4,590

 

(2,884)

 

  

 

  

 

  

 

  

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

 

  

 

  

 

  

 

  

Control investments

 

(4,530)

 

1,342

 

(12,084)

 

(8,234)

Affiliate investments

 

(1,892)

 

(969)

 

(8,204)

 

(2,136)

Non-Control / Non-Affiliate investments

 

19,052

 

1,750

 

48,394

 

(11,799)

Net change in unrealized appreciation/(depreciation) from investments

 

12,630

 

2,123

 

28,106

 

(22,169)

 

  

 

  

 

  

 

  

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

 

24,705

 

6,882

 

50,030

 

(12,583)

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

 

 

 

 

(15,586)

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

24,705

$

6,882

$

50,030

$

(28,169)

 

  

 

  

 

  

 

  

NET INVESTMENT INCOME PER SHARE - BASIC AND DILUTED

$

0.38

$

0.37

$

0.69

$

0.69

 

  

 

  

 

  

 

  

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

$

0.93

$

0.38

$

2.00

$

(1.57)

 

  

 

  

 

  

 

  

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED

 

26,478,747

 

18,074,929

 

25,024,925

 

17,959,728

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)

Three Months Ended June 30, 2021:

    

    

    

    

Distributable

    

Earnings /

Common Stock

Paid In Capital

(Accumulated

Total

Shares

Par Value

in Excess of Par

Loss)

Net Assets

Balance as of March 31, 2021

 

26,415,275

$

26

$

368,245

$

(6,708)

$

361,563

Issuance of common stock pursuant to distribution reinvestment plan

75,999

1,134

1,134

Distributions to stockholders

 

 

 

 

(7,682)

 

(7,682)

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

 

  

 

  

 

  

 

  

 

Net investment income

 

 

 

 

10,080

 

10,080

Net realized gain/(loss) from investments

 

 

 

 

1,995

 

1,995

Net unrealized appreciation/(depreciation) from investments

 

 

 

 

12,630

 

12,630

Balance as of June 30, 2021

 

26,491,274

$

26

$

369,379

$

10,315

$

379,720

Three Month Ended June 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 March 31, 2020

 

18,049,860

$

18

$

260,120

$

(35,575)

$

224,563

Issuance of common stock, net of issuance costs

 

 

 

81

 

 

81

Issuance of common stock pursuant to distribution reinvestment plan

 

87,740

 

 

1,091

 

 

1,091

Distributions to stockholders

 

 

(3,971)

(3,971)

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

 

  

 

  

 

  

 

  

 

Net investment income/(loss)

6,761

6,761

Net realized gain/(loss) from investments

(2,002)

(2,002)

Net unrealized appreciation/(depreciation) from investments

2,123

2,123

Balance as of June 30, 2020

 

18,137,600

$

18

$

261,292

$

(32,664)

$

228,646

5


Table of Contents

Six Months Ended June 30, 2021:

    

    

    

    

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, 2020

 

18,321,274

$

18

$

263,366

$

(24,636)

$

238,748

Impact of adoption of ASU 2020-06

(462)

(462)

Issuance of common stock in initial public offering, net of issuance costs

8,006,291

8

104,200

104,208

Issuance of common stock pursuant to distribution reinvestment plan

 

163,709

 

 

2,275

 

 

2,275

Distributions to stockholders

 

 

(15,079)

(15,079)

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

 

  

 

  

 

  

 

  

 

Net investment income/(loss)

 

 

 

 

17,334

 

17,334

Net realized gain/(loss) from investments

 

 

 

 

4,590

 

4,590

Net unrealized appreciation/(depreciation) from investments

 

 

 

 

28,106

 

28,106

Balance as of June 30, 2021

 

26,491,274

$

26

$

369,379

$

10,315

$

379,720

Six Months Ended June 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

 

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

Issuance of common stock pursuant to distribution reinvestment plan

87,740

1,091

1,091

Distributions to stockholders

 

 

(3,971)

(3,971)

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

 

  

 

  

 

  

 

  

 

Net investment income/(loss)

12,470

12,470

Net realized gain/(loss) from investments

(2,884)

(2,884)

Net unrealized appreciation/(depreciation) from investments

(22,169)

(22,169)

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

 

 

 

 

(15,586)

 

(15,586)

Balance as of June 30, 2020

 

18,137,600

$

18

$

261,292

$

(32,664)

$

228,646


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

See accompanying notes to consolidated financial statements.

6


Table of Contents

TRINITY CAPITAL INC.

Consolidated Statement of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended

 

June 30, 2021

 

June 30, 2020

Cash flows provided by/(used in) operating activities:

 

  

 

  

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

$

50,030

$

(28,169)

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

 

  

 

  

Purchase of investments, net of deferred fees

 

(208,232)

 

(101,503)

Proceeds from sales and paydowns of investments

 

146,879

 

79,731

Net change in unrealized appreciation/(depreciation) from investments, net of third party participation

 

(27,823)

 

22,168

Net realized gain/(loss) from investments

 

(4,590)

 

2,884

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

 

(10,279)

 

(5,049)

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

 

 

15,586

Amortization of deferred financing costs

 

1,837

 

1,416

Change in operating assets and liabilities

 

 

(Increase)/Decrease in interest receivable

 

(597)

 

(2,069)

(Increase)/Decrease in prepaid expenses

(554)

(118)

(Increase)/Decrease in other assets

 

(2,357)

 

(419)

Increase/(Decrease) in security deposits

 

938

 

1,810

Increase/(Decrease) in accounts payable, accrued expenses and other liabilities

 

(151)

 

2,643

Increase/(Decrease) in due to related party

 

 

(1,059)

Net cash provided by/(used in) operating activities

 

(54,899)

 

(12,148)

 

  

 

  

Cash flows provided by/(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

 

(822)

 

(34)

Net cash provided by/(used in) investing activities

 

(822)

 

(91,760)

 

  

 

  

Cash flows provided by/(used in) financing activities

 

  

 

  

Issuance of common stock

 

112,088

 

125,000

Common stock issuance costs

 

(7,880)

 

(10,529)

Cash distributions paid

(10,069)

(2,880)

Proceeds from issuance of 2025 Notes

 

 

125,000

Financing costs paid related to 2025 Notes

 

(54)

 

(5,542)

Proceeds under Credit Facility

25,000

Repayments under Credit Facility

 

(90,000)

 

(85,000)

Financing costs paid related to credit facility

 

 

(3,740)

Net cash provided by/(used in) financing activities

 

29,085

 

142,309

 

  

 

  

Net increase/(decrease) in cash, cash equivalents and restricted cash

 

(26,636)

 

38,401

Cash, cash equivalents and restricted cash at beginning of period

 

61,101

 

Cash, cash equivalents and restricted cash at end of period

$

34,465

$

38,401

 

  

 

  

 

  

 

  

For the Six Months Ended

June 30, 2021

 

June 30, 2020

Supplemental and non-cash investing and financing activities:

Cash paid for interest

$

6,829

$

6,455

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

Accrued but unpaid distributions

$

7,682

$

Value of shares issued in connection with the distribution reinvestment plan

$

2,275

$

1,091

7


Table of Contents

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:

June 30, 

    

June 30

    

2021

2020

Cash and cash equivalents

$

19,124

$

21,849

Restricted cash

15,341

16,552

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

$

34,465

$

38,401


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

See accompanying notes to consolidated financial statements.

8


Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2021

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (3)

  

Investment Date (4)

Maturity Date

  

Interest Rate (5)

  

Principal 
Amount
(6)

  

Cost

  

Fair Value (7)

Debt Securities

Administrative and Support and Waste Management and Remediation (2)

  

  

  

  

  

SeaOn Environmental, LLC

Equipment Financing

January 16, 2020

January 1, 2023

Fixed interest rate 9.0%; EOT 12.0%

$

1,636

$

1,951

$

1,947

Sub-total: Administrative and Support and Waste Management and Remediation (0.5%)*

  

$

1,636

$

1,951

$

1,947

Agriculture, Forestry, Fishing and Hunting (2)

  

  

  

 

  

 

  

 

  

Bowery Farming, Inc.

Equipment Financing

January 16, 2020

January 1, 2023

Fixed interest rate 8.5%; EOT 8.5%

$

1,899

$

2,198

$

2,136

Equipment Financing

January 16, 2020

February 1, 2023

Fixed interest rate 8.7%; EOT 8.5%

 

1,904

 

2,157

 

2,162

Equipment Financing

January 16, 2020

May 1, 2023

Fixed interest rate 8.7%; EOT 8.5%

 

2,451

 

2,719

 

2,793

Equipment Financing

December 22, 2020

January 1, 2024

Fixed interest rate 7.5%; EOT 8.5%

8,449

8,636

9,518

Total Bowery Farming, Inc.

  

 

14,703

 

15,710

 

16,609

Robotany, Inc.

 

Equipment Financing

January 16, 2020

January 1, 2024

 

Fixed interest rate 7.6%; EOT 22.0%

$

1,456

 

$

1,624

 

$

1,612

Sub-total: Agriculture, Forestry, Fishing and Hunting (4.8%)*

  

$

16,159

$

17,334

$

18,221

Construction (2)

  

  

  

 

  

 

  

 

  

Dandelion Energy, Inc.

 

Equipment Financing

March 17, 2020

April 1, 2024

 

Fixed interest rate 9.0%; EOT 12.5%

$

397

$

419

$

422

Equipment Financing

October 27, 2020

November 1, 2024

Fixed interest rate 9.2%; EOT 12.5%

485

506

506

Equipment Financing (14)

November 19, 2020

December 1, 2024

Fixed interest rate 9.1%; EOT 12.5%

485

508

509

Equipment Financing

December 29, 2020

January 1, 2025

Fixed interest rate 9.2%; EOT 12.5%

702

724

725

Equipment Financing (14)

March 25, 2021

April 1, 2025

Fixed interest rate 9.1%; EOT 12.5%

1,073

1,096

1,101

Total Dandelion Energy, Inc.

3,142

3,253

3,263

Project Frog, Inc. (19)

Secured Loan

April 30, 2020

May 1, 2023

Fixed interest rate 12.0%

$

4,128

$

4,071

$

3,763

Sub-total: Construction (1.9%)*

  

$

7,270

$

7,324

$

7,026

Educational Services (2)

Medical Sales Training Holding Company

Secured Loan

March 18, 2021

April 1, 2025

Variable interest rate PRIME + 8.8% or Floor rate 12.0%; EOT 12.5% (11)

$

6,000

$

5,959

$

5,998

Yellowbrick Learning, Inc.

Secured Loan

February 1, 2021

September 1, 2025

Variable interest rate PRIME + 8.3% or Floor rate 11.5%; EOT 5.0% (11)

$

7,500

$

7,514

$

7,581

Sub-total: Educational Services (3.6%)*

 

  

$

13,500

$

13,473

$

13,579

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Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2021

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)

  

Type of Investment (3)

  

Investment Date (4)

Maturity Date

  

Interest Rate (5)

  

Principal 
Amount
(6)

  

Cost

  

Fair Value (7)

Debt Securities, Continued

Finance and Insurance (2)

  

  

 

  

 

  

 

  

 

  

DailyPay, Inc.

Secured Loan

September 30, 2020

November 1, 2024

Variable interest rate PRIME + 7.0% or Floor rate 12.0%; EOT 6.0% (11)

$

20,000

$

20,055

$

20,294

Secured Loan

December 30, 2020

January 1, 2025

Variable interest rate PRIME + 7.0% or Floor rate 12.0%; EOT 6.0% (11)

5,000

5,006

5,046

Total DailyPay, Inc.

25,000

25,061

25,340

Petal Card, Inc.

Secured Loan

January 16, 2020

December 1, 2023

 

Fixed interest rate 11.0%; EOT 3.0%

$

10,000

$

10,078

$

10,004

Secured Loan (16)

January 28, 2021

January 1, 2024

Variable interest rate PRIME + 7.3% or Floor rate 11.5% (11)

3,052

4,973

5,229

13,052

15,051

15,233

Sub-total: Finance and Insurance (10.7%)*

 

  

$

38,052

$

40,112

$

40,573

Health Care and Social Assistance (2)

  

 

  

 

  

 

  

 

  

Lark Technologies, Inc.

Secured Loan

September 30, 2020

April 1, 2025

Variable interest rate PRIME + 8.3% or Floor rate 11.5%; EOT 4.0% (11)

$

5,000

$

4,871

$

4,932

Secured Loan

June 30, 2021

January 1, 2026

Variable interest rate PRIME + 8.3% or Floor rate 11.5%; EOT 4.0% (11)

5,000

4,743

4,742

Total Lark Technologies, Inc.

10,000

9,614

9,674

WorkWell Prevention & Care Inc.

Secured Loan

January 16, 2020

March 1, 2024

 

Fixed interest rate 8.0%; EOT 10.0%

$

3,370

$

3,632

$

3,597

Secured Loan

January 16, 2020

March 1, 2024

 

Fixed interest rate 8.0%

 

700

 

726

 

692

Total WorkWell Prevention & Care Inc. (19)

 

  

 

4,070

 

4,358

 

4,289

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

 

  

$

14,070

$

13,972

$

13,963

Information (2)

  

 

  

 

  

 

  

 

  

Firefly Systems, Inc.

Equipment Financing

January 29, 2020

February 1, 2023

 

Fixed interest rate 9.0%; EOT 10.0%

$

3,065

$

3,370

$

3,336

Equipment Financing

August 28, 2020

September 1, 2023

Fixed interest rate 9.0%; EOT 10.0%

2,663

2,852

2,842

Equipment Financing

September 18, 2020

October 1, 2023

Fixed interest rate 9.0%; EOT 10.0%

323

344

342

Total Firefly Systems, Inc.

6,051

6,566

6,520

Gobiquity, Inc.

Equipment Financing

January 16, 2020

April 1, 2022

 

Fixed interest rate 7.5%; EOT 20.0%

$

181

$

301

$

296

Rigetti & Co, Inc.

Secured Loan

March 10, 2021

April 1, 2025

Variable interest rate PRIME + 7.5% or Floor rate 11.0%; EOT 2.8% (11)

$

12,000

 

$

11,784

 

$

11,888

Secured Loan

May 18, 2021

June 1, 2025

Variable interest rate PRIME + 7.5% or Floor rate 11.0%; EOT 2.8% (11)

8,000

7,822

7,822

Total Rigetti & Co, Inc.

20,000

19,606

19,710

Smule, Inc.

Secured Loan

July 1, 2020

January 1, 2022

 

Fixed interest rate 0.0% (17)

$

69

$

69

$

69