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Debt Financing and Revolving Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2021

Debt Financing and Revolving Credit Facilities [Abstract]

Fair Value of Warrant

The following schedule shows the change in fair value of the Warrant as of December 31, 2021.

Warrant liability as of December 31, 2020		$	12,730
Change in fair value			14,894
Warrants issued			4,890
Warrant liability as of December 31, 2021		$	32,514

Long-Term Debt

Long-term debt consists of the following as of December 31, 2021.

		December 31,
		2021				2020
M&T Credit Agreement outstanding		$	7,917			$	10,105
SBA Payroll Protection Program Loan outstanding			-				10,000
Siena Loan Agreement outstanding			24,026				6,874
Term Loan Credit Agreement outstanding			57,278				40,000
Total debt			89,221				66,979
Less Term Loan Credit Agreement discount			(7,077	)			(8,892	)
Less Term Loan Credit Agreement deferred financing costs			(2,660	)			(2,814	)
Total debt, net of discount and deferred financing costs			79,484				55,273
Less amounts due within one year			-				(17,605	)
Long-term debt, net of current portion		$	79,484			$	37,668

Estimated Annual Maturities

Estimated annual maturities of long-term debt, including the current portion at December 31, 2021 are as follows based on the most recent debt agreements.

2022		$	-
2023			31,943
2024			-
2025			57,278
2026			-
Thereafter			-
			89,221

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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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