| Schedule of Long term Debt |
Long-term
debt consists of the following:
Schedule of Long term Debt
| (Amounts
in Thousands) |
|
June
30,2021 |
|
|
December
31, 2020 |
|
| Total
debt |
|
|
1,223 |
|
|
|
6,729 |
|
| Revolving
Credit facility dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation,
balance due on May 15, 2024. Effective interest rate for the first six month of 2021 was
5.3%. (1) |
|
$ |
— |
|
|
$ |
— |
|
| Term
Loan dated May 8, 2020, payable in equal monthly installments of principal, balance due
on May 15, 2024. Effective interest rate for the first six months of 2021 was 4.4%. (1) |
|
|
1,177 |
(2) |
|
|
1,388
|
(2) |
| Promissory
Note dated April 14, 2020, balance subject to loan forgiveness. Interest accrues at
annual rate of 1.0%. (3) |
|
|
— |
(4) |
|
|
5,318 |
(4)
|
| Notes
Payable to 2023 and 2025, annual interest rate of 5.6% and 9.1%. |
|
|
46 |
|
|
|
23 |
|
| Total
debt |
|
|
1,223 |
|
|
|
6,729 |
|
| Less
current portion of long-term debt |
|
|
404 |
|
|
|
3,595 |
|
| Long-term
debt |
|
$ |
819 |
|
|
$ |
3,134 |
|
| (1) |
Our revolving credit facility is collateralized
by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. |
| (2) |
Net of debt issuance costs of ($103,000) and
($105,000) at June 30, 2021 and December 31, 2020, respectively. |
| (3) |
Uncollateralized note. |
| (4) |
Entered into with the Company’s credit
facility lender under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act
(“CARES Act”) (see “PPP Loan” below for information regarding forgiveness on the entire loan balance, along with
accrued interest, effective June 15, 2021). |
|