Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

(8) Debt

Loan Facility

In October 2020, the Company obtained a line of credit that matures October 2023. This revolving line of credit has a limit of $14 million. Interest rates associated with these loans adjust based on the prime rate and outstanding balance. The interest rate was 4.25% and 4.50% as of December 31 2021 and March 31, 2022, respectively. Interest expense related to the revolving lines of credit for the three months ended March 31, 2021 and 2022 was $0.2 million and $0.1 million, respectively.

To obtain these loans, the Company was required to pledge collateral in the form of the Company’s deposit accounts and intangible assets, and maintain a cash deposit with the holder of $7.0 million. As of March 31, 2022, all covenants associated with the loan facilities have been satisfied.