Loan Payable

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Loan Payable

LOAN PAYABLE

On January 15, 2021, the Company entered into a loan agreement with a lender to borrow a term loan amount of $35,000 to be funded in three tranches. Tranche A of $15,000 was wired to the Company on January 15, 2021. Tranche B of $10,000 expired on March 31, 2022. Tranche C of $10,000 is available at lender’s option. The term loan matures on August 1, 2025 and has an annual floating interest rate of 7.15% which is an Index Rate plus 7%. Index Rate is the greater of (i) 30-day US LIBOR or (ii) 0.15%. Monthly principal payments of $500 will begin on March 1, 2023. Related to this borrowing, the Company recorded loan discounts totaling $898 and paid $95 of debt issuance costs. These amounts would be amortized as additional interest expense over the life of the loan. As of June 30, 2022, the balance of the loan payable (net of debt issuance costs) was $15,301, of which $2,000 was classified as current and $13,301 was classified as non-current. The carrying value of the loan approximates fair value (Level 2).

For the three and six months ended June 30, 2022, total interest expense was $464 and $797, respectively. For the three and six months ended June 30, 2021, total interest expense was $276 and $507, respectively.