Rezolute, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

CONVERTIBLE NOTES PAYABLE (Tables)

CONVERTIBLE NOTES PAYABLE (Tables)

12 Months Ended

Jun. 30, 2020

Summary of aggregate principal and accrued interest of converted to Series AA Preferred Stock

The closing of the Series AA Financing resulted in the conversion of the Fiscal 2018 Notes whereby the contingent BCF was measured and recognized on January 30, 2019 as shown below (in thousands).


	Debt as of January 30, 2019						Debt Converted to Series					Series AA Preferred Stock				Beneficial
	Original		Accrued				AA Preferred Stock					Converted to Common Stock				Conversion
Date of Borrowing	Principal		Interest		Total		Shares		Fair Value			Shares	Fair Value			Feature

January 2018	$	500	$	95	$	595		74	$	744	(1)	68	$	811	(2)	$	216	(3)
February 2018		700		102		802		100		1,002	(1)	91		1,094	(2)		292	(3)
April 2018		4,140		603		4,743		594		5,929	(1)	539		6,468	(2)		1,725	(3)
Total	$	5,340	$	800	$	6,140		768	$	7,675	(1)	698	$	8,373	(2)	$	2,233	(3)

⁽¹⁾

Fair value was based on the $10.00 per share issuance price for Series AA Preferred Stock as discussed in Note 6.

⁽²⁾

The shares of Series AA Preferred Stock were immediately convertible to shares of Common Stock at a price of $11.00 per share. Fair value was based on the closing price of the Company’s Common Stock of $12.00 per share on January 30, 2019.

⁽³⁾

The beneficial conversion feature represents the difference between the fair value of the share of Common Stock and the total debt balance as of January 30, 2019.

Schedule of interest expense

Presented below is a summary of the components of interest expense related to Fiscal 2018 Notes for the fiscal year ended June 30, 2019 (in thousands):


Interest expense at contractual rate	$	672
Accretion of discount		2,053
Beneficial conversion feature for Fiscal 2018 Notes		2,233
Total interest expense	$	4,958