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Debt Financing and Revolving Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Fair Value of Warrant

The following schedule shows the change in fair value of the Warrant as of September 30, 2021.

Warrant liability as of December 31, 2020		$	12,730
Change in fair value			18,969
Warrant liability as of September 30, 2021		$	31,699

Long-Term Debt

Long-term debt consists of the following as of September 30, 2021 and December 31, 2020:

		September 30,				December 31,
		2021				2020
M&T Credit Agreement outstanding		$	10,161			$	10,105
SBA Payroll Protection Program Loan outstanding			-				10,000
Siena Loan Agreement outstanding			24,164				6,874
Term Loan Credit Agreement outstanding			56,914				40,000
Total debt			91,239				66,979
Less Term Loan Credit Agreement discount			(7,531	)			(8,892	)
Less Term Loan Credit Agreement deferred financing costs			(2,827	)			(2,814	)
Total debt, net of discount and deferred financing costs			80,881				55,273
Less amounts due within one year			(10,161	)			(17,605	)
Long-term debt, net of current portion		$	70,720			$	37,668

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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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