Debt

9 Months Ended

Sep. 30, 2023

Debt

Debt

6. Debt

2019 Credit Facility

In March 2023, the 2019 Credit Facility, consisting of the Company’s Term Loan and Line of Credit, was paid in full, and there was no outstanding balance as of September 30, 2023. The Company paid an early termination and prepayment fee of $170,000, which was recorded within other income (expense) within the condensed statements of income and comprehensive income for the nine months ended September 30, 2023. There were no payments or fees recorded related to the 2019 Credit Facility during the three months ended September 30, 2023.

The Company was in compliance with all covenants throughout the 2019 Credit Facility payoff date in March 2023.

The amortization of the debt issuance costs and accretion of the debt discount is included in interest expense within the condensed statements of income and comprehensive income and included in non-cash interest expense within the statement of cash flows.