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NOTES PAYABLE
 12 Months Ended
Dec. 31, 2022
NOTES PAYABLE  
NOTES PAYABLE

(7)   NOTES PAYABLE

The Company entered into a loan agreement (the “Loan Agreement”) with Bank of America, N.A. (the “Bank”). Under this Loan Agreement, the Bank is extending two facilities to the Borrowers. 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 Borrower pays 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 Bloomberg Short-term Bank Yield Index (“BSBY”) Daily Floating Rate or (ii) the Index Floor (as defined in the Loan Agreement), plus 2.00%. As of December 31, 2022, the Company has not utilized this facility and has no balance outstanding.

The other facility being extended by the Bank to the Borrower is a fixed rate term loan in the amount of $16.0 million (“Facility 2”) bearing interest at 2.8% per year. The Borrower pays interest on the first day of each month beginning January 1, 2022 and the Borrower repays the principal amount in equal installments of $0.4 million 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 December 31, 2022:

​

​

​

​

​

​

    

December 31,

​

 

(In thousands)

2023

​

 

5,333

2024

​

 

5,334

Future principal payments

​

 

10,667

Less current portion

​

 

(5,333)

Less debt issuance costs

​

​

(41)

Long-term debt, net of debt issuance costs

​

$

5,293

​