Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued compensation and benefits	$	45,017	$	26,751
Accrued professional services		10,913		11,473
Excise and franchise taxes payable		7,899		7,672
Collateralized borrowings		2,013		2,977
Software license fee payable		6,250		2,000
Aircraft contract termination payable		128		1,454
Accrued Monarch legal settlement		1,314		1,314
Insurance premium liability		—		1,131
Accrued major maintenance		245		980
Interest and commitment fee payable		231		190
Statutory penalties		282		520
Other accrued liabilities		4,605		3,120
Total accrued expenses and other current liabilities	$	78,897	$	59,582

The Company has a revolving accounts receivable financing arrangement that currently allows the Company to borrow a designated percentage of eligible accounts receivable, as defined in the agreement, up to a maximum unsettled amount of $3 million. The agreement is secured by a first security interest in all assets of Southern Airways Express, a subsidiary of Southern, and is subject to monthly reductions in borrowing capacity through December 2024. 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 generally no more than 45 days.

For the three months ended June 30, 2024, the Company borrowed a total of $11.1 million under this financing facility, of which $7.7 million was settled through the transfer of pledged receivables. Interest expense incurred on these borrowings for the three months ended June 30, 2024 amounted to $129 thousand, and is included in interest expense in the accompanying Condensed Consolidated Statements of Operations.

For the six months ended June 30, 2024, the Company borrowed a total of $23.1 million under this financing facility, of which $21.0 million was settled through the transfer of pledged receivables. Interest expense incurred on these borrowings for the six months ended June 30, 2024 amounted to $259 thousand, and is included in interest expense in the accompanying Condensed Consolidated Statements of Operations.

As of June 30, 2024, and December 31, 2023, the outstanding amount due under this facility amounted to $2.0 million and $3.0 million, respectively. As of June 30, 2024, and December 31, 2023, the Company was in compliance with all covenants.