Asset Backed Loan (ABL) Credit Facility

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Asset Backed Loan (ABL) Credit Facility

9. Asset Backed Loan (ABL) Credit Facility

The Company's ABL Credit Facility, dated February 23, 2018, as amended, was terminated effective February 22, 2022. In addition, we opened a new cash collateral account with JPMorgan Chase Bank, N.A., in which cash was transferred to facilitate our existing letters of credit. We had transferred approximately $7.1 million of letters of credit prior to the termination of our ABL Credit Facility to JPMorgan Chase, N.A. Since then we have issued an additional $1.8 million of letters of credit to JP Morgan Chase, N.A. The Company is required to maintain a balance equal to the outstanding letters of credit plus 5% at all times, which is considered as restricted cash and is included in "Cash and cash equivalents" in our condensed consolidated balance sheets as at June 30, 2022 and December 31, 2021. Withdrawals from this cash collateral account are only allowed at such point a given letter of credit has expired or has been cancelled.