Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In October 2021, the Company renewed its line of credit, extending the maturity date to October 2023. Interest on any line of credit borrowings accrue at an annual rate of prime less 0.25%, with a minimum floor of 3.25%. In addition, the maximum amount of borrowings permitted under the line of credit arrangement is no longer subjected to a borrowing base requirement that was calculated as a percentage of accounts receivable and inventory balances. As part of the line of credit renewal, the financial covenants the Company must comply with have been modified. The Company is no longer required to comply with a minimum tangible net worth and minimum debt service coverage ratio. A minimum fixed charge coverage ratio was added as one of the financial covenants the Company is subjected to going forward. All other financial covenants remain unchanged from the existing arrangement.

In October 2021, the Company's Board of Directors granted 430,000 stock options to 24 non-employee directors and employees with an exercise price of $18.80 per share under the 2019 Stock Incentive Plan.

In October 2021, the Company paid off all its existing capital lease obligations, totaling $0.3 million.