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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
The current portion of long-term debt consists of the following:
 June 30, 2024December 31, 2023
ABL Credit Facility$2,000 $8,000 
VFI Equipment Financing2,381 — 
Oakdale Equipment Financing— 6,462 
Notes payable880 1,011 
Finance leases224 238 
Current portion of long-term debt$5,485 $15,711 

Long-term debt, net of current portion consists of the following:
 June 30, 2024December 31, 2023
VFI Equipment Financing$6,728 $— 
Oakdale Equipment Financing— 1,388 
Notes payable2,171 1,519 
Finance leases431 542 
Long-term debt$9,330 $3,449 
The follow summarizes the maturity of our debt:
ABL Credit FacilityVFI Equipment FinancingNotes PayableFinance LeasesTotal
Remainder of 2024$2,000 $1,470 $418 $141 $4,029 
2025— 2,940 1,003 272 4,215 
2026— 2,940 935 261 4,136 
2027— 2,940 675 65 3,680 
2028— 579 325 7 911 
2029 and thereafter— — 80 — 80 
Total minimum payments2,000 10,869 3,436 746 17,051 
Amount representing interest— (1,760)(385)(91)(2,236)
Amount representing unamortized lender fees— — — — — 
Present value of payments655 
Less: current portion(2,000)(2,381)(880)(224)(5,485)
Total long-term debt$— $6,728 $2,171 $431 $9,330 

ABL Credit Facility
On December 13, 2019, the Company entered into a $20,000 five-year senior secured asset-based credit facility with Jefferies Finance LLC. The available borrowing amount under the ABL Credit Facility as of June 30, 2024 was $20,000 and is based on the Company’s eligible accounts receivable and inventory. The Company had $2,000 outstanding and $18,000 available to be drawn under this facility as of June 30, 2024. The weighted average interest rate on our ABL credit facility for the six months ended June 30, 2024 was 8.04%.
VFI Equipment Financing
On June 28, 2024, the Company entered into an equipment financing arrangement with VFI with a principal amount of $10,000. The VFI Equipment Financing is legally comprised of a Master Lease Agreement and one lease schedule. The VFI Equipment Financing is considered a lease under article 2A of the Uniform Commercial Code but is considered a financing arrangement for accounting and financial reporting purposes, and not a lease. The collateral under the VFI Equipment Financing includes the majority of the Company’s SmartSystems equipment. The VFI Equipment Financing bears interest at a fixed rate of 8.56%. The Company used the net proceeds to repay in full and terminate the Oakdale Equipment Financing, and the remainder was added to working capital. The VFI Equipment Financing matures on May 8, 2028. Company has the right to reacquire the underlying equipment on the lease schedule upon maturity for one dollar.
Oakdale Equipment Financing
On December 13, 2019, the Company received net proceeds of $23,000 in an equipment financing arrangement with Nexseer. Substantially all of the Company’s mining and processing equipment at its Oakdale facility are pledged as collateral under the Oakdale Equipment Financing. The Oakdale Equipment Financing bore interest at a fixed rate of 5.79%. This facility was paid in full and terminated on June 28, 2024.
Notes Payable
The Company has entered into various financing arrangements, primarily to finance heavy equipment. As of June 30, 2024, these notes payable bear interest at rates between 3.99% and 7.49%.
On February 28, 2023, the Company purchased 5,176 shares of the Company’s common stock from Clearlake Capital Partners II (Master), L.P., an affiliate of Clearlake Capital Group (“Clearlake”), for $8,850, of which $4,425 was paid in cash and the remainder was financed through an unsecured promissory note, bearing interest of 10.00%, issued to Clearlake. This
purchase represented all of the common stock previously owned by Clearlake and approximately 11.3% outstanding shares of the Company’s common stock as of immediately prior to the purchase. At the time of purchase, Clearlake was a related party to the Company, and José Feliciano, the Co-Founder and Managing Partner of Clearlake, was on our board of directors. José Feliciano resigned from our board of directors as of December 31, 2023 and the promissory note was repaid in May 2023.