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Credit Facility
 6 Months Ended
Sep. 30, 2023
Line of Credit Facility [Abstract]  
Credit Facility

Note 5. Credit Facility

Westlake Credit Facility

The Credit Agreement with Westlake (the "WL Credit agreement") contains customary events of default and covenants, including but not limited to financial and operating results around tangible net worth, collateral performance indicator, excess spread ratio. Subject to Company’s compliance with certain terms and conditions, the lender waived its rights and remedies under the Agreement applicable to the excess spread ratio covenant and collateral performance indicator through September 30, 2024.

As of September 30, 2023, the Company had aggregate outstanding indebtedness, net of debt issuance costs, under the Westlake credit facility ( the "WL Credit Facility") of $3.7 million, compared to $28.9 million outstanding as of March 31, 2023. As of October 27, 2023, the Company paid its outstanding indebtedness under the WL Credit Facility down to $0.

Future maturities of debt as of September 30, 2023 are as follows:

 

(in thousands)

 

 

 

FY2024

 

 

 

$

3,850

 

FY2025

 

 

 

 

—

 

FY2026

 

 

 

 

—

 

 

 

 

$

3,850