As of September 30, 2023 and December 31, 2022, accrued expenses and other current liabilities consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Accrued compensation and benefits	$	15,159	$	1,486
Accrued professional services		10,586		3,555
Excise and property taxes payables		7,051		6,446
Collateralized borrowings		2,935		—
Insurance premium liability		1,813		—
Accrued Monarch legal settlement		1,314		1,314
Interest and commitment fee payable		834		64
Accrued major maintenance		755		—
Other accrued liabilities		5,932		1,875
Total accrued expenses and other current liabilities	$	46,379	$	14,740

The Company has a revolving accounts receivable financing arrangement that allows the Company to borrow up to 90% of eligible accounts receivable, as defined, up to a maximum unsettled amount of $5 million. The agreement is secured by a first security interest in all of SAE’s assets and automatically renews annually. The related interest rate is the prime rate plus 1% per annum. Additionally, the Company pays certain ancillary fees associated with each borrowing that vary depending on the borrowed amount and duration, which is no more than 45 days.

From the Acquisition Date through September 30, 2023, the Company borrowed a total of $6.9 million under this financing facility, of which $4.0 million was settled through the transfer of pledged receivables. Interest expense incurred on these borrowings from the Acquisition Date through September 30, 2023, amounted to $60 thousand, and are included in interest expense in the accompanying Condensed Consolidated Statements of Operations.

As of September 30, 2023, and December 31, 2022, the outstanding amount due under this facility amounted to $2.9 million and $0, respectively. As of September 30, 2023, and December 31, 2022, the Company was in compliance with all covenants.