Note 16 - Credit Facility - Schedule of Long-Term Debt Instruments

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Schedule of Long-Term Debt Instruments [Table Text Block]

Note 16 – Credit Facility

In May 2023, we entered into an unsecured $50,000,000 credit facility that has a 364-day maturity date. Loans bear interest at the one-month secured overnight financing rate (“SOFR”) plus 1.25%. If we maintain certain aggregate deposit levels within the financial institution, the credit facility shall bear interest at one-month SOFR plus 1.10%. The credit facility is available for general corporate purposes, including working capital and acquisitions. The credit facility agreement contains customary representations and financial covenants, including covenants that restrict, among other things, asset dispositions, additional indebtedness, investments, sale-leasebacks, and certain contingent liabilities. The credit facility contains customary events of default and remedies.

As of September 30, 2023, we have no outstanding balance on the credit facility.