Note 7 - Debt and Other Financing Arrangements

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

7. Debt and Other Financing Arrangements

On March 20, 2014, the Company entered into an equipment financing arrangement (“Loan Agreement”) with Banc of America Leasing & Capital, which it amended on August 8, 2014, September 15, 2015, October 30, 2017, and December 2, 2019. The terms of the arrangement are detailed in the 10-K.

The weighted average interest rate on outstanding debt under the Loan Agreement was 3.8% for the three months ended March 31, 2023. The interest expense was $5 thousand for the three months ended March 31, 2023. As of March 31, 2023, the weighted average interest rate was 3.8% and there was $526 thousand of outstanding debt related under the Loan Agreement. The Company was in compliance with all loan covenants under the Loan Agreement as of March 31, 2023.

The annual principal repayment requirements for debt obligations as of March 31, 2023, were as follows (in thousands):

April 1, 2023, through December 31, 2023	$	222
2024		305
Long-term debt from equipment financing		527
Less: current portion of long-term debt from equipment financing		(297	)
Long-term debt from equipment financing, net of current portion	$	230