| Schedule of Long-Term Debt |
Long-term debt consists of the following: | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | (in thousands) | The 2026 Term Loan, with an initial balance of $16,115,000 and an option to request for additional advances up to a maximum of $6,885,000 through September 2022, which the Company exercised in February 2022. Interest accrues at a fixed rate of 3.5% per annum. Principal and interest payments of $116,000 are due monthly throughout the term of the loan, with the remaining principal balance due at maturity. | $ | 20,596 | | | $ | 20,923 | | The 2027 Term Loan, with an initial balance of $20,700,000 and an option to request for additional advances up to a maximum of $8,000,000 through June 30, 2023, which the Company exercised in March 2023. Interest accrues at a fixed rate of 4.375% per annum. Prior to August 1, 2023, principal and interest payments of $104,000 were due monthly. Beginning August 1, 2023, monthly principal and interest payments increased to $144,000 for the remainder of the loan term, with the remaining principal balance due at maturity. | 27,419 | | | 27,676 | | | Long-term debt | 48,015 | | | 48,599 | | | Less: unamortized loan fees | (109) | | | (141) | | | Less: current portion | (1,206) | | | (1,179) | | | Long-term debt, net of current portion | $ | 46,700 | | | $ | 47,279 | |
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