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Note 9 - Senior Secured Line of Credit | 3 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Line of Credit [Text Block] | Note 9 — Senior Secured Line of Credit On June 2, 2021, the Company entered into a Business Loan Agreement (the "Former Business Loan Agreement") with East West Bank (the “Senior Lender”), which provided for a revolving credit facility collateralized by all of the assets of the Company and its subsidiaries. In connection with the Former 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, 2024 was 11.00%. The principal balance under the Revolving Credit Facility as of June 30, 2024 was $7.0 million. The Company recorded interest expense of $0.3 million and $0.2 million for the three months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 the Company was in compliance with covenants under the Revolving Credit Facility. On September 8, 2023 and effective as of August 22, 2023, the Company entered into a new Business Loan Agreement (the “New Business Loan Agreement”) with the Senior Lender, to convert the Company’s revolving credit facility with the Senior Lender into an assets backed loan credit facility with the Senior Lender, which shall continue to be collateralized by a first lien on all of the assets of the Company and its subsidiaries (the “ABL Credit Facility”). The New Business Loan Agreement provides the Company with borrowing capacity of up to the Borrowing Base (as defined in the Business Loan Agreement). Pursuant to the New Business Loan Agreement, the requirement that the Company and its related entities shall at all times maintain a certain minimum deposit with the Senior Lender was reduced from $8,000,000 to $5,000,000. On May 31, 2024, the Company was granted an extension of 90 days on the maturity date, therefore the Revolving Credit Facility will mature in September 2024. Borrowings under the ABL Credit Facility are subject to certain covenants as set forth in the New Business Loan Agreement and bear interest at a rate equal to the prime rate plus 2.50%, provided, that it shall not be less than 7.00%. The Company may prepay at any time without penalty all or a portion of the amount owed to the Senior Lender. The Business Loan Agreement includes various financial and other covenants with which the Company has to comply in order to maintain borrowing availability, including maintaining required minimum liquidity amount and Borrowing Base capacity. In connection with the New Business Loan Agreement, the Company’s current Promissory Note, dated as of June 2, 2021, issued to the Senior Lender in the principal amount of $7,000,000 (the “Promissory Note”) continues in effect except as modified by the New Business Loan Agreement and the Change in Terms Agreement, dated as of August 22, 2023 entered into by the Company and the Senior Lender in connection with the New Business Loan Agreement. The principal balance under the ABL Credit Facility as of June 30, 2024 was $7.0 million, respectively. The Company recorded interest expense of $0.2 million and $0.2 million for the three months ended June 30, 2024 and 2023, respectively. The Company was in compliance with all debt covenants associated with the ABL Credit Facility as of June 30, 2024.

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