SEC Filing | Trinity Capital Inc.

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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, 2022


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

Commission file number: 001-39958

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. 1^st Street Suite 302 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
7.00% Notes Due 2025	TRINL	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 3, 2022, the registrant had 31,405,672 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, 2022
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, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2022 and 2021 (unaudited)	5
	Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (unaudited)	7
	Consolidated Schedule of Investments as of June 30, 2022 (unaudited)	9
	Consolidated Schedule of Investments as of December 31, 2021	29
	Notes to Consolidated Financial Statements (unaudited)	46
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	80
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	97
Item 4.	Controls and Procedures	98
PART II	OTHER INFORMATION	99
Item 1.	Legal Proceedings	99
Item 1A.	Risk Factors	99
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	100
Item 3.	Defaults Upon Senior Securities	100
Item 4.	Mine Safety Disclosures	100
Item 5.	Other Information	100
Item 6.	Exhibits	101
SIGNATURES		102

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,
	2022		2021
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $36,704 and $38,994, respectively)	$	24,788	$	32,214
Affiliate investments (cost of $29,604 and $41,609, respectively)		23,837		32,192
Non-control / Non-affiliate investments (cost of $1,000,290 and $717,253, respectively)		1,002,449		809,064
Total investments (cost of $1,066,598 and $797,856, respectively)		1,051,074		873,470
Cash and cash equivalents		13,226		31,685
Restricted cash		—		15,057
Interest receivable		8,600		5,551
Deferred credit facility costs		2,848		2,308
Other assets		14,432		9,047
Total assets	$	1,090,180	$	937,118

LIABILITIES
KeyBank Credit Facility	$	220,000	$	81,000
August 2026 Notes, net of $2,391 and $2,679, respectively, of unamortized deferred financing costs		122,609		122,321
2025 Notes, net of $3,021 and $3,616, respectively, of unamortized deferred financing costs		121,979		121,384
December 2026 Notes, net of $1,661 and $1,842, respectively, of unamortized deferred financing costs		73,339		73,158
Convertible Notes, net of $2,201 and $2,515, respectively, of unamortized deferred financing costs and discount		47,799		47,485
Credit Suisse Credit Facility		—		10,000
Distribution payable		17,873		9,803
Security deposits		12,515		10,840
Accounts payable, accrued expenses and other liabilities		15,724		14,594
Total liabilities		631,838		490,585

Commitments and contingencies (Note 6)

NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 31,355,832 and 27,229,541 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)		31		27
Paid-in capital in excess of par		430,464		368,609
Distributable earnings/(accumulated loss)		27,847		77,897
Total net assets		458,342		446,533
Total liabilities and net assets	$	1,090,180	$	937,118
NET ASSET VALUE PER SHARE	$	14.62	$	16.40

See accompanying notes to consolidated financial statements.

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TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
INVESTMENT INCOME:
Interest income:
Control investments	$	1,365	$	1,266	$	2,738	$	2,572
Affiliate investments		433		443		862		882
Non-Control / Non-Affiliate investments		30,713		16,405		57,317		31,004
Total interest income		32,511		18,114		60,917		34,458
Fee income:
Non-Control / Non-Affiliate investments		947		1,362		4,386		2,337
Total fee income		947		1,362		4,386		2,337
Total investment income		33,458		19,476		65,303		36,795

EXPENSES:
Interest expense and other debt financing costs		7,761		4,425		14,559		9,041
Compensation and benefits		6,877		3,370		13,331		7,366
Professional fees		891		570		1,723		1,216
General and administrative		1,558		1,031		3,035		1,780
Total expenses		17,087		9,396		32,648		19,403

NET INVESTMENT INCOME (LOSS) BEFORE TAXES		16,371		10,080		32,655		17,392

Excise tax expense		657		—		1,331		58

NET INVESTMENT INCOME		15,714		10,080		31,324		17,334

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Control investments		(228)		—		(228)		—
Affiliate investments		(9,633)		1,491		(9,633)		—
Non-Control / Non-Affiliate investments		244		504		52,888		4,590
Net realized gain/(loss) from investments		(9,617)		1,995		43,027		4,590

NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments		(804)		(4,530)		(5,136)		(12,084)
Affiliate investments		6,913		(1,892)		3,650		(8,204)
Non-Control / Non-Affiliate investments		(19,929)		19,052		(89,652)		48,394
Net change in unrealized appreciation/(depreciation) from investments		(13,820)		12,630		(91,138)		28,106

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,723)	$	24,705	$	(16,787)	$	50,030

NET INVESTMENT INCOME PER SHARE - BASIC	$	0.51	$	0.38	$	1.07	$	0.69
NET INVESTMENT INCOME PER SHARE - DILUTED⁽¹⁾	$	0.48		0.38	$	1.02	$	0.69

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC & DILUTED	$	(0.25)	$	0.93	$	(0.58)	$	2.00

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC & DILUTED		30,955,022		26,478,747		29,188,790		25,024,925

(1)	Diluted net investment income per share for the three and six months ended June 30, 2022 has been calculated based on diluted weighted average shares of 34,331,597 and 32,565,365.

See accompanying notes to consolidated financial statements.

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, 2022:


						Distributable
						Earnings /
	Common Stock			Paid In Capital		(Accumulated		Total
	Shares	Par Value		in Excess of Par		Loss)		Net Assets
Balance as of March 31, 2022	27,982,842	$	28	$	370,570	$	53,443	$	424,041
Issuance of common stock pursuant to distribution reinvestment plan	30,800		—		588		—		588
Stock based compensation	—		—		1,767		—		1,767
Issuance of restricted stock awards	13,540		—		—		—		—
Issuance of common stock, net of issuance costs	3,344,214		3		57,911		—		57,914
Retired and forfeited shares of restricted stock	(15,564)		—		(372)		—		(372)
Distributions to stockholders	—		—		—		(17,873)		(17,873)
Net increase/(decrease) in net assets resulting from operations	—		—		—		(7,723)		(7,723)
Balance as of June 30, 2022	31,355,832	$	31	$	430,464	$	27,847	$	458,342

Three 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 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	—		—		—		24,705		24,705
Balance as of June 30, 2021	26,491,274	$	26	$	369,379	$	10,315	$	379,720

Table of Contents

Six Months Ended June 30, 2022:


						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, 2021	27,229,541	$	27	$	368,609	$	77,897	$	446,533
Issuance of common stock pursuant to distribution reinvestment plan	90,334		—		1,642		—		1,642
Stock based compensation	—		—		2,677		—		2,677
Issuance of restricted stock	718,263		1		—		—		1
Issuance of common stock, net of issuance costs	3,344,214		3		57,911		—		57,914
Retired and forfeited shares of restricted stock	(26,520)		—		(375)		—		(375)
Distributions to stockholders	—		—		—		(33,263)		(33,263)
Net increase/(decrease) in net assets resulting from operations	—		—		—		(16,787)		(16,787)
Balance as of June 30, 2022	31,355,832	$	31	$	430,464	$	27,847	$	458,342

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	—		—		—		50,030		50,030
Balance as of June 30, 2021	26,491,274	$	26	$	369,379	$	10,315	$	379,720

See accompanying notes to consolidated financial statements.

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)




	Six Months Ended		Six Months Ended
	June 30, 2022		June 30, 2021
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations	$	(16,787)	$	50,030
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		(413,615)		(208,232)
Proceeds from sales and paydowns of investments		203,416		146,879
Net change in unrealized appreciation/(depreciation) from investments, net of third party participation		91,138		(27,823)
Net realized gain/(loss) from investments		(43,027)		(4,590)
Accretion of original issue discounts and end of term payments on investments		(15,516)		(10,279)
Amortization of deferred financing costs		1,653		—
Stock-based compensation		2,677		1,837
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable		(3,049)		(597)
(Increase)/Decrease in receivable from sale of investments		(3,086)		(554)
(Increase)/Decrease in other assets		(2,323)		(2,357)
Increase/(Decrease) in security deposits		1,675		938
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities		1,130		(151)
Net cash provided by/(used in) operating activities		(195,714)		(54,899)

Cash flows provided by/(used in) investing activities:
Disposal/(Acquisition) of fixed assets		24		(822)
Net cash provided by/(used in) investing activities		24		(822)

Cash flows provided by/(used in) financing activities
Issuance of common stock		60,417		112,088
Common stock issuance costs		(2,503)		(7,880)
Retirement of employee shares		(375)		—
Cash distributions paid		(23,550)		(10,069)
Debt issuance costs		(815)		(54)
Borrowings under Credit Facilities		184,000		25,000
Repayments under Credit Facilities		(55,000)		(90,000)
Net cash provided by/(used in) financing activities		162,174		29,085

Net increase/(decrease) in cash, cash equivalents and restricted cash		(33,516)		(26,636)
Cash, cash equivalents and restricted cash at beginning of period		46,742		61,101
Cash, cash equivalents and restricted cash at end of period	$	13,226	$	34,465




	Six Months Ended		Six Months Ended
	June 30, 2022		June 30, 2021
Supplemental and non-cash investing and financing activities:
Cash paid for interest	$	12,279	$	6,829
Accrued but unpaid distributions	$	17,873	$	7,682
Distributions reinvested	$	1,642	$	2,275
Income tax, including excise tax, paid	$	310	$	79
Change to investments and net assets related to adoption of ASU 2020-06	$	—	$	(462)

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, 2022		June 30, 2021
Cash and cash equivalents	$	13,226	$	19,124
Restricted cash		—		15,341
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	13,226	$	34,465

See accompanying notes to consolidated financial statements.

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ⁽¹⁾	Type of Investment ⁽²⁾	Investment Date ⁽³⁾	Maturity Date	Interest Rate ⁽⁴⁾	Principal Amount ⁽⁵⁾		Cost		Fair Value ⁽⁶⁾
Debt Securities- United States

Accommodation and Food Services ⁽⁷⁾
BlueGround US, Inc.	Equipment Financing	June 6, 2022	January 1, 2026	Fixed interest rate 9.6%; EOT 8.0%	$	3,905	$	3,915	$	3,915

Sub-total: Accommodation and Food Services (0.4%)*					$	3,905	$	3,915	$	3,915

Administrative and Support and Waste Management and Remediation ⁽⁷⁾
Qwick, Inc.	Secured Loan	December 31, 2021	January 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾	$	5,000	$	4,966	$	5,169

RTS Holding, Inc.	Secured Loan	December 31, 2021	January 1, 2027	Fixed interest rate 10.5%; EOT 3.0%	$	23,000	$	22,834	$	22,626

SeaOn Environmental, LLC	Equipment Financing⁽¹⁴⁾	June 16, 2022	June 1, 2026	Fixed interest rate 9.3%; EOT 11.0%	$	6,750	$	6,731	$	6,731

Sub-total: Administrative and Support and Waste Management and Remediation (3.2%)*					$	34,750	$	34,531	$	34,526

Agriculture, Forestry, Fishing and Hunting ⁽⁷⁾
Bowery Farming, Inc.	Secured Loan⁽¹⁴⁾	September 10, 2021	January 1, 2026	Variable interest rate LIBOR + 11.0% or Floor rate 10.1% ⁽⁸⁾	$	10,000	$	9,396	$	9,294

Robotany, Inc.	Equipment Financing⁽¹⁴⁾	January 16, 2020	January 1, 2024	Fixed interest rate 7.6%; EOT 17.3%	$	906	$	1,289	$	1,271

Sub-total: Agriculture, Forestry, Fishing and Hunting (1.0%)*					$	10,906	$	10,685	$	10,565

Arts, Entertainment, and Recreation ⁽⁷⁾
SI Tickets, Inc.	Secured Loan	May 11, 2022	September 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾	$	3,000	$	2,924	$	2,924

Sub-total: Arts, Entertainment, and Recreation (0.3%)*					$	3,000	$	2,924	$	2,924

Construction ⁽⁷⁾
Dandelion Energy, Inc.	Equipment Financing	March 17, 2020	April 1, 2024	Fixed interest rate 9.0%; EOT 12.5%	$	264	$	312	$	308
	Equipment Financing	October 27, 2020	November 1, 2024	Fixed interest rate 9.2%; EOT 12.5%		354		400		393
	Equipment Financing	November 19, 2020	December 1, 2024	Fixed interest rate 9.1%; EOT 12.5%		444		498		488
	Equipment Financing	December 29, 2020	January 1, 2025	Fixed interest rate 9.2%; EOT 12.5%		524		583		572
	Equipment Financing	March 25, 2021	April 1, 2025	Fixed interest rate 9.1%; EOT 12.5%		1,070		1,166		1,146
	Equipment Financing	December 1, 2021	January 1, 2026	Fixed interest rate 8.8%; EOT 12.5%		1,211		1,254		1,241
	Equipment Financing	April 8, 2022	May 1, 2026	Fixed interest rate 8.9%; EOT 12.5%		2,159		2,178		2,178
	Equipment Financing	May 27, 2022	June 1, 2026	Fixed interest rate 9.2%; EOT 12.5%		989		990		990
	Equipment Financing	June 13, 2022	June 1, 2026	Fixed interest rate 9.5%; EOT 12.5%		1,500		1,497		1,497
Total Dandelion Energy, Inc.						8,515		8,878		8,813

Sub-total: Construction (0.8%)*					$	8,515	$	8,878	$	8,813

Educational Services ⁽⁷⁾
Medical Sales Training Holding Company	Secured Loan⁽¹⁴⁾	March 18, 2021	April 1, 2025	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾	$	6,000	$	6,039	$	5,999
	Secured Loan⁽¹⁴⁾	July 21, 2021	August 1, 2025	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾		2,000		1,998		1,987
Total Medical Sales Training Holding Company						8,000		8,037		7,986

Yellowbrick Learning, Inc.	Secured Loan⁽¹⁴⁾	February 1, 2021	September 1, 2025	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾	$	7,500	$	7,640	$	6,822
	Secured Loan⁽¹⁴⁾	August 10, 2021	March 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾		2,500		2,524		2,194
Total Yellowbrick Learning, Inc.						10,000		10,164		9,016

Sub-total: Educational Services (1.6%)*					$	18,000	$	18,201	$	17,002

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ⁽¹⁾	Type of Investment ⁽²⁾	Investment Date ⁽³⁾	Maturity Date	Interest Rate ⁽⁴⁾	Principal Amount ⁽⁵⁾		Cost		Fair Value ⁽⁶⁾
Debt Securities- United States, Continued

Finance and Insurance ⁽⁷⁾
BoardRE, Inc.	Secured Loan	October 15, 2021	June 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5% ⁽⁸⁾	$	5,000	$	5,225	$	4,945

DailyPay, Inc.	Secured Loan	September 30, 2020	November 1, 2024	Variable interest rate Prime + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾	$	16,651	$	17,238	$	17,210
	Secured Loan	December 30, 2020	January 1, 2025	Variable interest rate Prime + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾		4,408		4,546		4,524
Total DailyPay, Inc.						21,059		21,784		21,734

Petal Card, Inc.	Secured Loan	January 16, 2020	October 1, 2024	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾	$	10,000	$	10,183	$	10,208
	Secured Loan	August 6, 2021	October 1, 2024	Variable interest rate Prime + 4.3% or Floor rate 11.5% ⁽⁸⁾		7,000		6,957		7,020
	Secured Loan ^(12)(14)	January 28, 2021	January 1, 2024	Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 0.0% ⁽⁸⁾		17,748		18,815		18,973
Total Petal Card, Inc.						34,748		35,955		36,201

Stilt, Inc.	Secured Loan ^(12)(14)	February 10, 2022	August 1, 2024	Variable interest rate SOFR 30 Day Forward + 1.0% or Floor rate 11.0% ⁽⁸⁾	$	3,824	$	4,022	$	3,823

Sub-total: Finance and Insurance (6.1%)*					$	64,631	$	66,986	$	66,703

Health Care and Social Assistance ⁽⁷⁾
FemTec Health, Inc.	Secured Loan	December 1, 2021	February 1, 2026	Fixed interest rate 11.0%; EOT 7.5%	$	10,000	$	10,747	$	9,799
	Secured Loan	July 23, 2021	September 1, 2022	Fixed interest rate 11.0%		2,151		2,150		2,162
	Secured Loan	September 29, 2021	April 1, 2026	Fixed interest rate 11.0%; EOT 7.5%		3,000		3,053		2,921
Total FemTec Health, Inc. ⁽²⁰⁾						15,151		15,950		14,882

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% ⁽⁸⁾	$	4,766	$	4,772	$	4,863
	Secured Loan	June 30, 2021	January 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		5,000		4,888		4,992
Total Lark Technologies, Inc.						9,766		9,660		9,855