17. Subsequent Events

On April 15, 2021, the Company completed an initial public offering of our common stock (“IPO”). In connection with the Company’s IPO, the Company offered 3,950,000 shares of the Company’s common stock at the initial public offering price of $16.00 per share, resulting in gross proceeds of $63,200,000. On April 23, 2021, the Company’s lead underwriter exercised an overallotment of 592,500 shares at the initial public offering price of $16.00 per share, resulting in additional gross proceeds of $9,480,000, totaling $72,680,000 in gross IPO proceeds. In connection with the IPO, the Company used a portion of the proceeds to pay down an aggregate of $50.2 million principal of its loan obligations in April and early May, 2021. These repayments comprised:

$30,000,000 of the Company’s existing line of credit, maturing in May of 2022, with an interest rate of prime less 0.25% subject to a minimum floor rate of 3.75%, with an outstanding balance of approximately $33,239,000 as of March 31, 2021.

$6,819,000 of the Company’s term loan, with an interest rate of 5.75%, maturing in July 2024, with an outstanding balance of approximately $6,977,000 as of March 31, 2021, resulting in the extinguishment of the term loan.

$2,252,000 of the Company’s term loan, with an interest rate of 3.50%, maturing in December 2024, with an outstanding balance of approximately $2,301,000 as of March 31, 2021, resulting in the extinguishment of the term loan.

$175,000 of the Company’s term loan, with an interest rate of 3.50%, maturing in December 2021, with an outstanding balance of approximately $176,000 as of March 31, 2021, resulting in the extinguishment of the term loan.

$53,000 of the Company’s term loan, with an interest rate of 3.25%, maturing in April 2021, with an outstanding balance of approximately $53,000 as of March 31, 2021, resulting in the extinguishment of the term loan.

$2,536,000 of the Company’s term loan, with an interest rate of 3.50%, maturing in June 2025, with an outstanding balance of approximately $2,583,000 as of March 31, 2021, resulting in the extinguishment of the term loan.

$6,333,000 of the Company's term loan, with an interest rate of 3.25%, maturing in May 2024, with an outstanding balance of approximately $6,500,000 as of March 31, 2021, resulting in the extinguishment of the term loan.

$1,996,000 of the Company's term loan, with an interest rate of 5.48%, maturing in March 2023, with an outstanding balance of approximately $2,078,000 as of March 31, 2021, resulting in the extinguishment of the term loan.

On May 18, 2021, the Company granted 35,000 restricted stock units to employees under the 2019 Stock Incentive Plan, with a 3-year vesting period.