XML 22 R12.htm IDEA: XBRL DOCUMENT v3.22.1
NOTES PAYABLE
 3 Months Ended
Mar. 31, 2022
NOTES PAYABLE  
NOTES PAYABLE

(6)   NOTES PAYABLE

The Company entered into a loan agreement (the “Loan Agreement”) with Bank of America, N.A. (the “Bank”) in December 2021. Under this Loan Agreement, the Bank extended two facilities to the Company. Specified assets have been pledged as collateral. One facility is a line of credit in the amount of $4.0 million available until December 1, 2024 (“Facility 1”). The Company will pay interest on Facility 1 on the first day of each month beginning January 1, 2022. The interest rate is an annual rate equal to the sum of (i) the greater of the BSBY Daily Floating Rate or (ii) the Index Floor (as defined in the Loan Agreement), plus 2.00%. As of March 31, 2022, the Company had not utilized this facility.

The other facility being extended by the Bank to the Company is a fixed rate term loan in the amount of up to $16.0 million (“Facility 2”). Facility 2 is available in one disbursement from the Bank and the interest rate is equal to 2.8% per year. The Company must pay interest on the first day of each month beginning January 1, 2022 and the Company will also repay the principal amount in equal installments of $444,444 per month through December 1, 2024. Facility 2 was entered into in conjunction with the purchase of Kestrel Labs.

The following table summarizes future principal payments on long-term debt as of March 31, 2022:

​

​

​

​

​

​

    

March 31,

​

 

(In thousands)

April 1, 2022 through December 31, 2022

​

$

4,000

2023

​

 

5,333

2024

​

 

5,334

Future principal payments

​

 

14,667

Less current portion

​

 

(5,333)

Less debt issuance costs

​

​

(57)

Long-term debt, net of debt issuance costs

​

$

9,277

​