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DEBT
 3 Months Ended
Mar. 31, 2024
Debt  
Debt

5. DEBT

Dominion Loan Agreement

On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank, a Texas state bank (“Dominion Bank”). On September 30, 2023, the Company entered into a Fifth Loan Modification Agreement (the “Fifth Modification Agreement”) to the Loan and Security Agreement (as amended by (i) that certain Loan Modification Agreement dated as of September 30, 2020, (ii) that certain Second Loan Modification Agreement dated as of September 30, 2021, (iii) that certain Third Loan Modification Agreement dated as of September 30, 2022, (iv) that certain Fourth Modification Agreement dated as of March 21, 2023, and (v) the Fifth Modification Agreement, the “Loan Agreement”). The Loan Agreement now provides for a secured revolving credit facility (the “Revolving Credit Facility”) in an amount up to the lesser of (I) an amount equal to the Borrowing Base or (II) $5 million. The Company’s obligations under the Loan Agreement are secured by a Certificate of Deposit with Dominion Bank for $5 million (the “Deposit”) in the Company’s collateral account. As of March 31, 2024, the Company had not borrowed any amounts under the Revolving Credit Facility and had approximately $5 million available for withdrawal. On May 2, 2024, the collateral deposit of $5 million was released and the Loan Agreement was terminated.

Dominion Letters of Credit

As of March 31, 2024, Dominion Bank has issued one letter of credit in the amount of $265,000 to support the Company’s workers compensation insurance. The letter of credit is secured by a certificate of deposit with Dominion Bank.

Other Indebtedness

As of March 31, 2024, the Company has one short-term note payable to a finance company for various insurance premiums totaling $526,000.

In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Condensed Consolidated Balance Sheet as of March 31, 2024 includes finance leases of $2.1 million.

Maturities and Interest Rates of Debt

The following tables set forth the aggregate principal amount (in thousands) under the Company’s outstanding notes payable and the interest rates as of March 31, 2024 and December 31, 2023:

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March 31, 2024

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December 31, 2023

Notes payable to finance company for insurance

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Aggregate principal amount outstanding

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$

526

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$

910

Interest rate 8.75%

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The aggregate maturities of finance leases as of March 31, 2024 are as follows (in thousands):

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April 2024 - March 2025

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$

586

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April 2025 - March 2026

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671

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April 2026 - March 2027

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619

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April 2027 - March 2028

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229

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Obligations under finance leases

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$

2,105

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Interest rates on these leases range from 4.86% to 8.74%.