Quarterly report pursuant to Section 13 or 15(d)

Long Term Debt (Tables)

v3.21.2
Long Term Debt (Tables)
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Long term Debt

Long-term debt consists of the following:

 

(Amounts in Thousands)   September 30, 2021     December 31, 2020  
Total debt     1,098       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 nine 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 nine months of 2021 was 4.4%. (1)

    1,056 (2)     1,388 (2)
Promissory Note dated April 14, 2020, balance of loan forgiven. Interest accrued 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%.     42       23  
Total debt     1,098       6,729  
Less current portion of long-term debt     396       3,595  
Long-term debt   $ 702     $ 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 ($117,000) and ($105,000) at September 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).