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DEBT
 9 Months Ended
Sep. 30, 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 provided 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 were secured by a Certificate of Deposit with Dominion Bank for $5 million (the “Deposit”) in the Company’s collateral account. On May 2, 2024, the collateral deposit of $5 million was released and the Loan Agreement was terminated.

Dominion Letters of Credit

As of September 30, 2024, the Company has no outstanding letters of credit. The previously issued letter of credit in the amount of $265,000 was not renewed on August 9, 2024.

Other Indebtedness

As of September 30, 2024, the Company has no short-term notes payable. As of December 31, 2023, the Company had one outstanding short-term note payable to a finance company for various insurance premiums totaling $910,000.

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 September 30, 2024 and December 31, 2023, include finance leases of $2.2 million and $1.8 million, respectively.

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 September 30, 2024, and December 31, 2023:

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​

​

​

​

​

​

​

    

September 30, 2024

​

December 31, 2023

Notes payable to finance company for insurance

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​

​

​

​

​

Aggregate principal amount outstanding

​

$

—

​

$

910

Interest rate 8.75%

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​

​

​

​

​

​

The aggregate maturities of finance leases as of September 30, 2024, are as follows (in thousands):

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​

​

​

​

​

​

October 2024 - September 2025

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$

704

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​

​

October 2025 - September 2026

​

​

846

​

​

​

October 2026 - September 2027

​

​

611

​

​

​

October 2027 - September 2028

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​

74

​

​

​

Obligations under finance leases

​

$

2,235

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​

​

​

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