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Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | At March 31, 2024 and December 31, 2023, long-term debt consisted of the following (in thousands):
| March 31, 2024 |  | December 31, 2023
2021 Credit Facility | $ | 28,221 |  |  | $ | 28,594 |
Credit Agreement | 7,000 |  |  | 3,000 |
Economic Injury Disaster Loan | 150 |  |  | 150 |
Total long-term debt | 35,371 |  |  | 31,744 |
Less: deferred financing costs | (1,542) |  |  | (1,688) |
Total long-term debt, net of deferred financing costs | 33,829 |  |  | 30,056 |
Less: current portion | (1,473) |  |  | (1,478) |
Total long-term debt, net of current portion | $ | 32,356 |  |  | $ | 28,578 |
Schedule of Components of Interest Expense and Related Fees for Long-Term Debt | The components of interest expense and related fees for long-term debt is as follows (in thousands):
| Three Months Ended March 31,
| 2024 |  | 2023
Interest expense – Lafayette Square | $ | 974 |  |  | $ | 879 |
Interest expense – East West Bank | 136 |  |  | — |
Interest expense – Other | 1 |  |  | 2 |
Amortization of deferred financing costs | 186 |  |  | 136 |
Total interest expense and amortization of deferred financing costs | $ | 1,297 |  |  | $ | 1,017 |
Schedule Of Financial Covenants | On October 15, 2024, with an effective date of June 30, 2024, the Company and Lafayette Square entered into the Fifth Amendment to the Term Loan and Security Agreement (the “Fifth Amendment”) which among other things, (1) defers quarterly installment payments on the Term Loan and the Delayed Draw Loan for the periods from June 30, 2024 through December 31, 2025, (2) requires that the Company pay a commitment fee of 50 basis points or an amount of $0.1 million to Lafayette Square, (3) allows proceeds from future equity raises by the Company, if any, to cure potential financial covenant noncompliance, (4) provides for one-month and three-month interest periods, (5) replaces the calculation of the consolidated total net leverage ratio with a consolidated total leverage ratio for purposes of calculating the applicable margin and the financial covenant and (6) replaces the financial covenants under the 2021 Credit Facility (effective as of June 30, 2024) with the following:
As of | Minimum TTM* EBITDA ($ in millions) | Minimum Liquidity ($ in millions) | Maximum Consolidated Total Leverage Ratio | Minimum Fixed Charge Coverage Ratio
June 30, 2024 | n/a | n/a | n/a | n/a
September 30, 2024 | $5.0 | $1.5 | n/a | n/a
December 31, 2024 | $3.5 | $1.5 | n/a | n/a
March 31, 2025 | $5.5 | $2.0 | n/a | n/a
June 30, 2025 | $7.5 | $2.0 | n/a | 1.50 to 1.00
September 30, 2025 | n/a | $2.0 | 4.25 to 1.00 | 1.50 to 1.00
December 31, 2025 | n/a | $2.0 | 4.00 to 1.00 | 1.50 to 1.00
March 31, 2026 | n/a | $2.0 | 3.75 to 1.00 | 1.50 to 1.00
June 30, 2026 | n/a | $2.0 | 3.50 to 1.00 | 1.50 to 1.00
September 30, 2026 | n/a | $2.0 | 3.25 to 1.00 | 1.50 to 1.00
*TTM = Trailing Twelve Months On October 15, 2024, with an effective date of June 30, 2024, the Company and EWB entered into the Third Amendment to the Credit Agreement (the “Third Amendment”) which, among other things, (1) provides that the Company will make prepayments of the outstanding principal balance of the Credit Agreement of $1.0 million upon execution of the Third Amendment, $1.0 million on or before January 15, 2025 and $2.0 million on or before April 15, 2025, (2) requires the Company to file a registration statement with the SEC to establish an equity line of credit offering on or before October 31, 2024 and to use commercially reasonable efforts to cause such registration statement to become effective, (3) requires the net proceeds of a potential equity line of credit to be applied to the outstanding principal balance under the Credit Agreement in an amount that would cause the ratio of the value of eligible accounts to the aggregate amount of revolving credit advances to be not less than 1.00 to 1.00, (4) requires the consent of EWB prior to the ability of the Company to make certain restricted payments, including cash dividends, (5) requires the Company to make additional prepayments in the amount by which the outstanding loans under the Credit Agreement exceed the borrowing base between the calendar months ending November 30, 2024 and April 15, 2025, and (6) replaces the financial covenants under the Credit Agreement, effective as of June 30, 2024, with the following:
As of | Minimum TTM(1) EBITDA ($ in millions) | Minimum Liquid Assets ($ in millions) | Maximum Total Funded Debt to EBITDA Leverage Ratio | Minimum Fixed Charge Coverage Ratio | Revolving Credit Availability (as of each month end)
June 30, 2024 | n/a | $1.0 | n/a | n/a | n/a
September 30, 2024 | $5.0 | $1.5 | n/a | n/a | n/a
December 31, 2024 | $3.5 | $1.5 | n/a | n/a | 1.00 to 1.00(2)
March 31, 2025 | $5.5 | $2.0 | n/a | n/a | 1.50 to 1.00(3)
June 30, 2025 | $7.5 | $2.0 | n/a | 1.25 to 1.00 | 2.00 to 1.00(4)
(1)TTM = Trailing Twelve Months (2)Beginning November 30, 2024 (3)Beginning January 31, 2025 (4)Beginning April 15, 2025
Schedule of Future Minimum Payments Related to Long-term Debt | As of March 31, 2024, future minimum payments related to long-term debt are as follows (in thousands):
2024 | $ | 1,105 |
2025 | 8,460 |
2026 | 25,660 |
2027 | 3 |
2028 | 3 |
Thereafter | 140 |
Total | 35,371 |
Less current portion | (1,473) |
Less deferred financing costs | (1,542) |
Long-term debt, net | $ | 32,356 |

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