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Debt Financing and Revolving Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Fair Value of Warrant

The following schedule shows the change in fair value of the Warrant as of March 31, 2022.

Warrant liability as of December 31, 2021		$	32,514
Change in fair value			20,730
Warrants issued			-
Warrant liability as of March 31, 2022		$	53,244

Long-Term Debt

Long-term debt consists of the following as of March 31, 2022 and December 31, 2021:

		March 31,				December 31,
		2022				2021
M&T Credit Agreement outstanding		$	7,707			$	7,917
Siena Loan Agreement outstanding			32,339				24,026
Term Loan Credit Agreement outstanding			57,641				57,278
Total debt			97,687				89,221
Less Term Loan Credit Agreement discount			(6,623	)			(7,077	)
Less Term Loan Credit Agreement deferred financing costs			(2,492	)			(2,660	)
Total debt, net of discount and deferred financing costs			88,572				79,484
Less amounts due within one year			-				-
Long-term debt, net of current portion		$	88,572			$	79,484

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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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