Line of Credit |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Line of Credit | Note 6 — Line of Credit
On May 5, 2026, the Company made a $2.0 million payment on the line of credit with M&T Bank (the “Credit Agreement”), reducing the balance to $4.8 million.
On May 13, 2026, the Company made a payment of approximately $4.8 million on the line of credit, reducing the balance to zero.
On June 10, 2026, the Company voluntarily cancelled its line of credit. By doing so, the Company is no longer subject to maintaining the minimum Fixed Charge Coverage Ratio and maximum Total Leverage Ratio financial covenants which were part of the Credit Agreement. Further, the Company no longer has to pay a usage fee for the unused portion of the line of credit.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|