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Long-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt consists of the following:
| September 30, 2024 |  | December 31, 2023
| (in thousands)
The 2026 Term Loan, with an initial balance of $16,115,000 and an option to request for additional advances up to a maximum of $6,885,000 through September 2022, which the Company exercised in February 2022. Interest accrues at a fixed rate of 3.5% per annum. Principal and interest payments of $116,000 are due monthly throughout the term of the loan, with the remaining principal balance due at maturity. The loan is collateralized by substantially all of Global Wells’ assets and is guaranteed by Global Wells and one of the Company’s stockholders. In accordance with the loan agreement, Global Wells is required to comply with certain financial covenants, including a minimum debt service coverage ratio. | $ | 21,084 |  |  | $ | 21,555 |
The 2027 Term Loan, with an initial balance of $20,700,000 and an option to request for additional advances up to a maximum of $8,000,000 through June 30, 2023, which the Company exercised in March 2023. Interest accrues at a fixed rate of 4.375% per annum. Prior to August 1, 2023, principal and interest payments of $104,000 are due monthly. Beginning August 1, 2023, monthly principal and interest payments increased to $144,000 for the remainder of the loan term, with the remaining principal balance due at maturity. The loan is collateralized by substantially all of Global Wells’ assets and is guaranteed by one of the Company’s stockholders. In accordance with the loan agreement, Global Wells is required to comply with certain financial covenants, including a minimum debt coverage ratio. | $ | 27,802 |  |  | $ | 28,166 |
Long-term debt | 48,886 |  |  | 49,721 |
Less: unamortized loan fees | (156) |  |  | (203) |
Less: current portion | (1,165) |  |  | (1,122) |
Long-term debt, net of current portion | $ | 47,565 |  |  | $ | 48,396 |
Schedule of Future Maturities | At September 30, 2024, future maturities are:
| (in thousands)
2024 (remainder) | $ | 287 |
2025 | 1,179 |
2026 | 20,798 |
2027 | 26,622 |
| $ | 48,886 |

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