LONG-TERM DEBT

3 Months Ended

Mar. 31, 2024

LONG-TERM DEBT [Abstract]

LONG-TERM DEBT

3. LONG-TERM DEBT

Long-term debt consists of the following:

	Dollars in Thousands
	March 31, 2024		December 31, 2023
Connecticut Department of Economic and Community Development (DECD)	$	139	$	146
DECD debt issuance costs		(12)		(12)
Financed insurance loan		105		207
Total long-term debt		232		341
Current portion of long-term debt		(133)		(235)
Long-term debt, net of current maturities	$	99	$	106

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 less than $1 thousand for the three months ended March 31, 2024 and 2023, respectively.

Financed Insurance Loan.

The Company finances certain of its insurance premiums (the “Financed Insurance Loans”). In July 2023, the Company financed $0.4 million with a 9.99% interest rate and is obligated to make payments on a monthly basis through June 2024. As of March 31, 2024 and December 31, 2023, the Financed Insurance Loan’s outstanding balance of $0.1 million and $0.2 million, respectively, was included in current maturities of long-term debt in the Company’s condensed consolidated balance sheets. A corresponding prepaid asset was included in other current assets.