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Debt Financing and Revolving Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt consists of the following as of September 30, 2023 and December 31, 2022:

		September 30,				December 31,
		2023				2022
M&T Credit Agreement outstanding		$	-			$	6,917
Siena Loan Agreement outstanding			31,062				33,825
Credit Agreement outstanding			-				58,745
Total debt			31,062				99,487
Less Credit Agreement discount			-				(5,262	)
Less Credit Agreement deferred financing costs			-				(1,989	)
Total debt, net of discount and deferred financing costs			31,062				92,236
Less amounts due within one year			-				(40,742	)
Long-term debt, net of current portion		$	31,062			$	51,494

Fair Value of Warrant

The following schedule shows the change in fair value of the Warrant as of September 30, 2023.

Warrant liability as of December 31, 2022		$	31,028
Warrant issued		$	3,544
Change in fair value			1,869
Warrant liability as of September 30, 2023		$	36,441

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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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