Quarterly report pursuant to Section 13 or 15(d)

Borrowings

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Borrowings
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Borrowings
NOTE 9 — BORROWINGS
    The following tables summarize the Company’s borrowings as of June 30, 2021, and December 31, 2020 (in thousands):
June 30, 2021
Principal repayment obligation
Unamortized DFC and discounts Carrying value
2018 Term Loan, due September 2021 $ —  $ —  $ — 
2019 Term Loan, due March 2022 —  —  — 
2020 Unsecured Note —  —  — 
Total borrowings $ —  $ —  $ — 
December 31, 2020
Principal repayment obligation Unamortized DFC and discounts Carrying value
2018 Term Loan, due September 2021 $ 60,000  $ (805) $ 59,195 
2019 Term Loan, due March 2022 (a)
43,217  (4,942) 38,275 
2020 Unsecured Note 16,000  (2,376) 13,624 
Total borrowings $ 119,217  $ (8,123) $ 111,094 
(a) Includes paid-in-kind interest on the 2019 Term Loan of $3.3 million.
Extinguishment of the 2019 Term Loan
On March 12, 2021 (the “Extinguishment Date”), we finalized a voluntary repayment of the remaining outstanding principal balance of the 2019 Term Loan. A total of approximately $43.7 million was repaid to the lender throughout the first quarter of 2021 to satisfy the outstanding borrowing obligation. The extinguishment of the 2019 Term Loan resulted in an approximately $2.1 million gain for the six months ended June 30, 2021, which was recognized within (Loss) gain on extinguishment of debt, net, on our Condensed Consolidated Statements of Operations.
As a result of repaying the outstanding balance prior to its contractual maturity, an approximately $4.4 million in unamortized DFC and discount were included in the computation of the gain on the extinguishment of the 2019 Term Loan.
The holder of the 2019 Term Loan held approximately 3.5 million unvested warrants that had a fair value of approximately $6.3 million as of the Extinguishment Date. Due to the extinguishment of the 2019 Term Loan, all the unvested warrants were contractually terminated (the “Terminated Warrants”), and their respective fair value was included in the computation of the gain on extinguishment of the 2019 Term Loan.
The fair value of the Terminated Warrants was determined using a Black-Scholes option pricing model.
Full Repayment of the 2020 Unsecured Note
On March 31, 2021, we made the final contractually required amortization payment of $4.0 million under the terms of the 2020 Unsecured Note, thereby satisfying all financial obligations under the 2020 Unsecured Note.
Extinguishment of the 2018 Term Loan
On February 18, 2021, we voluntarily repaid approximately $43.0 million of the 2018 Term Loan outstanding principal balance. Then on April 23, 2021, we voluntarily repaid the remaining outstanding principal balance of $17.0 million.
These voluntary repayments resulted in losses of approximately $0.2 million and $0.7 million for the three and six months ended June 30, 2021, respectively, which were recognized within (Loss) gain on extinguishment of debt, net, on our Condensed Consolidated Statements of Operations.
Covenant Compliance
We maintained compliance with all covenants under the 2018 Term Loan through our final repayment on April 23, 2021.