Subsequent Events |
9 Months Ended |
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Sep. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 – Subsequent Events
In October 2024, we amended our Bank of America credit facility to defer the monthly principal payments required in October, November and December, to the end of 2024.
In October 2024, we obtained two further six month extensions for our loan with Valley National, the first of which we exercised. The loan now carries an interest rate of 5.0% above monthly , with a floor of 7.50%, and includes provisions for a prepaid interest reserve. In connection with these extensions, we have increased our cash deposit with Valley National Bank by $500,000 to $1,500,000.
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