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Factoring Liabilities
 12 Months Ended
Dec. 31, 2022
Factoring Liabilities [Abstract]  
Factoring Liabilities
9.          Factoring Liabilities

In June 2021, the Company entered into a factoring agreement with an unrelated third party, pursuant to which the Company may sell certain of its accounts receivables for 86.25% of the value of the receivable. Advances available under the facility are capped at the lesser of $3.0 million or a formula amount, as defined in the agreement. Interest on advances is assessed at a fixed amount upon funding, which is equivalent to an annualized rate of 15.0% for the first 30 days, and daily thereafter at an annualized rate of 14.4%. The agreement’s term is one month and automatically renews for additional one-month periods, unless either party provides 30 days’ notice of termination. The accounts receivable is sold with recourse back to the Company, therefore, the Company accounts for the arrangement as traditional financing.

(In thousands)
  
December 31, 2022
    
December 31, 2021
  
Receivables transferred
  
$
2,564
    
$
2,026
  
Reserve amount held
    
(434
)
    
(289
)
Traditional factoring liability
    
2,130
      
1,737
  
Advances on future cash receipts
    
-
      
446
  
Factoring liability
  
$
2,130
    
$
2,183