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Long-Term Debt | 6 Months Ended
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Jun. 30, 2023
Long-Term Debt [Abstract] |
Long-Term Debt | 15. Long-Term Debt Mortgage with East West Bank Overview On December 30, 2021, the Company purchased the Miami office building for approximately $6.8 million, and the Company entered into a mortgage with East West Bancorp, Inc. (“East West Bank”) for approximately $4 million to finance part of the purchase of the Miami office building as well as $338,000 to finance part of the build out of the Miami office building. The Company’s obligations under the mortgage are secured by a lien on the Miami office building and the term of the loan is ten years. The repayment schedule will utilize a 30-year amortization period, with a balloon on the remaining amount due at the end of ten years. The interest rate is 3.6% for the first 7 years, and thereafter the interest rate shall be at the prime rate as reported by the Wall Street Journal, provided that the minimum interest rate on any term loan will not be less than 3.6%. As part of the agreement, the Company must maintain a debt service coverage ratio of 1.4 to 1. The loan is subject to a prepayment penalty over the first five years which is calculated as a percentage of the principal amount outstanding at the time of prepayment. This percentage is 5% in the first year and decreases by 1% each year thereafter, with the prepayment penalty ending after 5 years. As of June 30, 2023, the Company was in compliance with all of its covenants related to this agreement. Remaining Payments Future remaining annual minimum principal payments for the mortgage with East West Bank as of June 30, 2023 were as follows:
|  | Amount |
2023 |  | $ | 42,000 |
2024 |  |  | 84,000 |
2025 |  |  | 88,000 |
2026 |  |  | 91,000 |
Thereafter |  |  | 4,048,000 |
Total |  | $ | 4,353,000 |
The interest expense related to this mortgage was $40,000 for both the three months ended June 30, 2023, and 2022. The interest expense related to this mortgage was $79,000 and $65,000 for the six months ended June 30, 2023, and 2022, respectively. As of June 30, 2023, the interest rate for this mortgage was 3.6%. Loan with East West Bank On July 22, 2020, the Company entered into a loan and security agreement with East West Bank. In accordance with the terms of this agreement, the Company borrowed $5.0 million and paid off the full remaining balance of the loan of approximately $2.7 million in the second quarter of 2023 resulting in no outstanding balance as of June 30, 2023. Refer to Note 13 – Long-Term Debt in the Company’s 2022 Form 10-K for more information.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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