Line of Credit

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Line of Credit

(7)Line of Credit

During March 2022 the Company entered into a line of credit for $8.0 million with Pacific City Bank (“PCB”). The line of credit matured on September 3, 2023, and bore interest at a variable interest rate which was defined as the Wall Street Journal Prime Rate plus 1.75%, resulting in an interest rate of 10.25% on August 16, 2023, when paid in full. On August 16, 2023, the Company repaid in full the obligation under the line of credit plus accrued interest.

On September 29, 2023, the Company entered into a new line of credit agreement for $20.0 million with PCB. The line of credit matures on September 25, 2024, and bears interest at a variable rate per annum equal to The Wall Street Journal Prime Rate, plus 0.25% resulting in a rate of 8.75% as of June 30, 2024. The available balance was $20.0 million at June 30, 2024 and December 31, 2023 with no draw against the line of credit.