Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2023

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 7. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of March 31, 2023 and December 31, 2022 consisted of the following:

(in thousands)	March 31, 2023		December 31, 2022
Accrued professional fees	$	610	$	524
Accrued bonuses and incentive compensation		880		2,042
Accrued litigation legal fees expense		1,001		1,001
Accrued insurance expense		—		264
Accrued vacation and other employee related expenses		534		534
Accrued severance and other related charges		301		—
Accrued valued-added tax		162		133
Deferred revenue		17		152
Other		265		192
	$	3,770	$	4,842

Finance and Security Agreement

On July 5, 2022, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (the "2022 Agreement"). The 2022 Agreement provides for a single borrowing by the Company of approximately $783,000 with a nine-month term and an annual interest rate of 2.49%. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company's insurance policies. The amounts payable are secured by the Company's rights under such policies. The Company began to pay monthly installments of approximately $87,900 in July 2022. All borrowings were fully repaid as of March 31, 2023. During the three months ended March 31, 2023, the Company recognized $2,035 in interest expense.