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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Net Carrying Amount of Debt

The Company’s net carrying amount of debt was comprised of the following:

		March 31,			December 31,
($ in thousands)		2021			2020
Term loan debt		$	16,750		$	16,750
Unamortized deferred finance costs related to term loan			(92)			(112)
Total			16,658			16,638
Current portion of long-term debt (i)			2,500			2,800
Long-term debt		$	14,158		$	13,838

(i) The current portion of long-term debt as of March 31, 2021 is based upon the payment terms specified in the new loan and security agreement entered into on April 14, 2021, which resulted in the extinguishment of the term loan debt that existed as of March 31, 2021. See Note 12 for further details.

Maturities of Long-term Debt

The remaining principal balance of the Term Loans outstanding as of March 31, 2021 is payable in fixed installments as set forth in the following table, plus the variable payments as described below:

($ in thousands)
Installment Payment Dates		Amount
May 1, 2021, June 30, 2021, September 30, 2021, and December 31, 2021		$	700
March 31, 2022, June 30, 2022, September 30, 2022, and December 31, 2022		$	1,125
March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023		$	1,250

Thus, the aggregate remaining annual scheduled principal payments under the Term Loans at March 31, 2021 were as follows:

		Amount of
($ in thousands)		Principal
Year Ending December 31,		Payment
2021		$	2,800
2022			8,950
2023			5,000
Total		$	16,750

Schedule of Fixed Charge Coverage Ratios and Leverage Ratios

Fiscal Quarter End		Fixed Charge Coverage Ratio
March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021		1.25 to 1.00
March 31, 2022, and thereafter		1.10 to 1.00

Fiscal Period		Maximum Leverage Ratio
March 31, 2021		3.15 to 1.00
June 30, 2021		3.00 to 1.00
September 30, 2021		2.75 to 1.00
December 31, 2021		2.50 to 1.00
March 31, 2022 and each Fiscal Quarter end thereafter		1.50 to 1.00

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