Financial Liabilities

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Financial Liabilities

. Financial Liabilities

On February 8, 2017, the Company entered into a Loan and Security Agreement with East West Bank (“EWB”). Following subsequent amendments, on April 14, 2022, the Company and EWB amended the Loan and Security Agreement replacing the $20.0 million revolving loan facility subject to a borrowing base with a non-formula revolving loan facility with no borrowing base requirement and a maturity date of February 8, 2023. In addition, the interest rate was lowered from prime to prime minus 0.25%, and

certain financial covenants were amended. On February 8, 2023, the Company entered into an amendment (the "Fourth Amendment") to its amended and restated the Loan and Security Agreement with EWB (as amended to date, the "Loan Agreement"). The Fourth Amendment amends the Loan Agreement to, among other things, extend the maturity date to February 8, 2025, and amend certain financial covenants.

The Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, limits or restrictions on the Company’s ability to incur liens, incur indebtedness, make certain restricted payments (including dividends), merge or consolidate and dispose of assets, as well as other financial covenants. The Company’s obligations under the Loan Agreement are collateralized by substantially all of its assets. As of December 31, 2022, there were no amounts outstanding and the Company was in compliance with all financial covenants under the Loan Agreement.