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Revolving Credit Facilities
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Financing and Revolving Credit Facilities

Note 9 – Revolving Credit Facility

 

Total outstanding debt under the Company’s revolving credit facility consists of $30,002 as of March 31, 2024 and $29,415 as of December 31, 2023.

 

As of March 31, 2024, a revolving line of credit maturing on October 31, 2024 exists in the maximum aggregate principal amount of up to $45,000, secured by a standby letter of credit in the principal amount of $25,000 and the Company’s accounts receivable. In connection with the standby letter of credit, the Company has agreed to pay an affiliate of the lender a fee due and payable in cash of $375 per quarter.

 

The standby letter of credit bears interest at the prime rate of interest (“Prime”) plus 1.5%, or 10% as of March 31, 2024. Advances secured by the Company’s accounts receivable bear interest at Prime plus 2%, or 10.5% as of March 31, 2024.

 

The fair value of debt approximates its carrying value as of March 31, 2024 and December 31, 2023.