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Senior Secured Revolving Line of Credit | 3 Months Ended
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Jun. 30, 2023
Senior Secured Revolving Line of Credit [Abstract] |
Senior Secured Revolving Line of Credit | Note 9 — Senior Secured Revolving Line of Credit On June 2, 2021, the Company entered into a Business Loan Agreement with East West Bank (the “Senior Lender”), which provides for a revolving credit facility collateralized by all of the assets of the Company and its subsidiaries. In connection with the Business Loan Agreement, the Company entered into a Promissory Note with the Senior Lender and established the revolving line of credit in the amount of $7.0 million (the “Revolving Credit Facility”), maturing on June 2, 2023. In July 2022, the Company extended the maturity date of its revolving credit facility to June 2024 and its variable interest rate was increased to 2.5%. The Revolving Credit Facility bears interest at a variable rate equal to the Wall Street Journal Prime Rate, plus 2.5%. The interest rate for the period ended June 30, 2023 was 11.00%. The principal balance under the Revolving Credit Facility as of June 30, 2023 was $7.0 million. The Company recorded interest expense of $0.2 million and $0.1 million for the three months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 the Company was not in compliance with a financial covenant under the Revolving Credit Facility but is in the process of obtaining a waiver from the Senior Lender to remove the non-compliance.

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