Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events

6 Months Ended

Jun. 30, 2022

15. Subsequent Events

Management evaluated events occurring subsequent to June 30, 2021 through August 5, 2022, the date these consolidated financial statements were available for issuance, and other than as noted below determined that no material recognizable subsequent events occurred.

Credit Facility

On August 2, 2022, the Company entered into an amendment to its Loan Agreement with its lender which provided the following, among other things:

	●	waived the Company’s failure to meet the minimum quarterly FCCR requirement for the second quarter of 2022;
	●	removes the quarterly FCCR testing requirement for the third quarter of 2022;
	●	reinstates the quarterly FCCR testing requirement starting for the fourth quarter of 2022 and revises the methodology to be used in calculating the FCCR for the quarters ending December 31, 2022 and March 31, 2023 (with no change to the minimum 1.15:1 ratio requirement for each quarter);
	●	requires maintenance of a minimum of $3,000,000 in borrowing availability under the revolving credit until the minimum FCCR requirement for the quarter ended December 31, 2022 has been met and certified to the lender.

In connection with the amendment, we paid our lender a fee of $15,000.