Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Components of Debt

The components of the Company’s debt consist of the following (in thousands):

 

 

    September 30, 2023   December 31, 2022
    Amount     Rate   Maturity date   Amount     Rate   Maturity date
Term loan, net   $ 2,714     (2)   6/21/2026   $ —          
Line of credit, net   $ 1,917     (3)   6/21/2025   $ 11,444     (1)   10/31/2024
Less current portion     1,917               —          
Total long-term debt   $ 2,714             $ 11,444          

 

(1) Interest at a variable rate of the daily U.S. Federal Funds Rate plus 375 basis points with an interest rate floor of 3.75% per annum.
   
(2) Interest at a fixed rate of 10.00% per annum.
   
(3) Interest at a variable rate of the daily U.S. Federal Funds Rate plus 250 basis points with an interest rate floor of 5.50% per annum.
Schedule of Future Debt Maturities

Future debt maturities as of September 30, 2023 and for succeeding years are as follows (in thousands):

 

Year ending December 31:    
2024   $ —  
2025     —  
2026     5,000  
Total   $ 5,000