LONG-TERM DEBT

6 Months Ended

Jun. 30, 2022

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

3. LONG-TERM DEBT

Long-term debt consists of the following:

	Dollars in Thousands
	June 30, 2022		December 31, 2021
Department of Economic and Community Development (DECD)	$	191	$	205
DECD debt issuance costs		(17)		(19)
Total long-term debt		174		186
Current portion of long-term debt		(26)		(26)
Long-term debt, net of current maturities	$	148	$	160

Department of Economic and Community Development.

On January 8, 2018, the Company entered into an agreement with the Connecticut Department of Economic and Community Development (“DECD”) by which the Company received a loan of $300,000 secured by substantially all of the Company’s assets (the “DECD 2018 Loan”). The DECD 2018 Loan is a ten-year loan due on December 31, 2027 and includes interest paid monthly at 3.25%. The maturity date of the DECD 2018 Loan was extended to May 31, 2028 and the modification did not have a material impact on the Company’s cash flows.

Amortization of the debt issuance costs were $1,000 for the three months ended June 30, 2022 and 2021, respectively, and $2,000 for the six months ended June 30, 2022 and 2021, respectively.