Company: NOTV
Filing Date: 2025-12-05
Form Type: 10-K
Source: 0001628280-25-055483
Chunk: 56

Company: Inotiv, Inc.
Filing Date: 2025-12-05
Form: 10-K
Item: Item 7
Chunk 56
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amortized debt issuance costs$402,123 $393,339 Less: Current portion(402,123)(3,538)Total Long-term debt$— $389,801 

If the Company's results of operations in the twelve months following the date of this report do not improve relative to its fiscal 2025 results, it is probable that the Company will fail its financial covenants within twelve months of the balance sheet date. As a result, we have classified the Term Loan Facility, DDTL and Incremental Term Loans (each as defined below), the Notes and the Second Lien Notes as current. Refer to Note 2 - Basis of Presentation and Summary of Significant Accounting Policies to our consolidated financial statements contained in Part II, Item 8 for the Company's analysis of its liquidity and going concern, including cross-default considerations.

Refer to Note 6 - Debt to our consolidated financial statements contained in Part II, Item 8 for the combined aggregate amount of maturities over the next five years.

Summary of Activity

Fiscal 2025

We did not enter into any new debt arrangements, or amend any existing debt arrangements during fiscal 2025.  During the fourth quarter of fiscal 2025, we borrowed $6,000 under our revolving credit facility and repaid $3,000, leaving an outstanding balance of $3,000 as of September 30, 2025.

Fiscal 2024

On September 13, 2024, the Company, the Subsidiary Guarantors and the lenders party thereto entered into the Seventh Amendment and the Company and the Subsidiary Guarantors entered into the Purchase Agreement (as defined below), with the Purchasers. Pursuant to these agreements, the Purchasers acquired $22,000 in aggregate principal amount of  Second Lien Notes from the Company ("Purchaser's Second Lien Notes") and warrants to purchase 3,946,250 shares of the Company’s common shares (such warrants, the “Warrants” and such common shares, the “Common Shares”) for consideration comprised of (i) $17,000 in cash and (ii) the cancellation of $8,333 of the Notes issued pursuant to the Convertible Bond Indenture (as defined below). Additionally, pursuant to the Fee Letter between the Company and the structuring agent, the Company also issued to the structuring agent $550 aggregate principal amount of  Second Lien Notes and additional warrants to purchase