Quarterly report pursuant to Section 13 or 15(d)

Short-Term Debt

v3.23.3
Short-Term Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Short-Term Debt Short-Term Debt
Short-term debt and other financing obligations as of September 30, 2023 and December 31, 2022, consist of the following (in $000’s):
September 30,
2023		 December 31,
2022
AFCO Finance $ —  $ 274 
Total short-term debt $ —  $ 274 
AFCO Finance
The Company has entered into a financing agreement with AFCO Credit Corporation (“AFCO”) purchased through Marsh Insurance on an annual basis to fund the annual premiums on insurance policies due July 1 of each year. These policies relate to workers’ compensation and various liability policies including, but not limited to, General, Auto, Umbrella, Property, and Directors’ and Officers’ insurance. The total amount of the premiums financed in July 2022 was approximately $516,000 with an interest rate ranging from approximately 6.0% over the period. An initial down payment of approximately $129,000 was made on July 21, 2022 with additional monthly payments of approximately $59,000, escalating to approximately $69,000 over the term, being made beginning August 1, 2022 and ending on April 1, 2023. No such financing agreement has been entered into during fiscal 2023.