DNA X, Inc. Debt Disclosure
NOTE 7—Borrowings
Long-Term Debt
Promissory Notes Payable—In 2014 and 2017, the Company entered into agreements with one of its vendors, whereby certain of its trade payables for royalties and royalty up-front payments were converted to payment plans. In December 2018, the Company amended its accounts payable financing agreements, effective January 1, 2019, which provides for the $736 then-outstanding balance to be paid in twenty equal quarterly installments. The amounts due under these agreements were paid in quarterly installments over periods from to four years, with interest ranging up to 8%. The entire balance was short term as of December 31, 2022 and was paid in full during the year ended December 31, 2023.
The components of the long-term debt balance were as follows as of December 31:
| 2023 | 2022 | |||||||
| Promissory note payable | $ | $ | 147 | |||||
| Less current portion | (147 | ) | ||||||
| Total long-term debt | $ | $ | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2023 | Mar 27, 2024 | Showing above |
| 2022 | Mar 20, 2023 | |
| 2021 | Mar 21, 2022 | |
| 2020 | Mar 18, 2021 | |
| 2019 | Mar 27, 2020 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.