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Debt Financing and Revolving Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2020

Debt Financing and Revolving Credit Facilities [Abstract]

Fair Value of Warrant

Issuance of initial warrant November 24, 2020	$	9,073
Change in fair value		3,657
Warrant liability as of December 31, 2020	$	12,730

Long-Term Debt

M&T Credit Agreement outstanding	$	10,105
SBA Payroll Protection Program Loan outstanding		10,000
Siena Loan Agreement outstanding		6,874
Term Loan Credit Agreement outstanding		40,000
Total debt		66,979
Less Term Loan Credit Agreement discount		(8,892)
Less Term Loan Credit Agreement deferred financing costs		(2,814)
Total debt, net of discount and deferred financing costs		55,273
Less amounts due within one year		(17,605)
Long-term debt, net of current portion	$	37,668

Estimated Annual Maturities

2021	$	17,605
2022		2,500
2023		6,874
2024		-
2025		40,000
Thereafter		-
	$	66,979

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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