Debt (Tables)

9 Months Ended

Sep. 30, 2021

The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreements for equipment notes:


(dollar amounts in thousands)	Inception Date	Stated Interest Rate (per annum)	Payment Frequency	Term (years)	Outstanding Balance as of September 30, 2021		Outstanding Balance as of December 31, 2020

Credit Agreement
Revolving loans	9/13/2019	Variable	Variable	5	$	—	$	—

Equipment Notes





Equipment Note 6	6/25/2019	2.89%	Semi-annual	7	—		12,896
Equipment Note 7	6/24/2019	3.09%	Semi-annual	5	—		6,980
Equipment Note 8	12/27/2019	2.75%	Semi-annual	5	5,011		5,513
Equipment Note 9	12/24/2019	3.01%	Semi-annual	7	—		4,031
					5,011		29,420
Total debt					5,011		29,420
Less: current portion of long-term debt					(1,025)		(4,381)
Long-term debt					$	3,986	$	25,039

Schedule of remaining principal payments for long term obligations

The following table sets forth our remaining principal payments for the Company’s outstanding Equipment Note as of September 30, 2021:


(in thousands)	Future Equipment Notes Principal Payments

Remainder of 2021	$	509
2022	1,039
2023	1,067
2024	2,396
2025	—
2026	—
Thereafter	—
Total future principal payments	$	5,011
Less: current portion of equipment notes	(1,025)
Long-term principal obligations	$	3,986

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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