Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Long-term debt consists of the following at December 31, 2021 and December 31, 2020:

SCHEDULE OF LONG TERM DEBT

(Amounts in Thousands)	December 31, 2021			December 31, 2020
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 2021 and 2020 was 5.3% and 6.1%. ⁽¹⁾	$	—		$	—
Term Loan dated May 8, 2020, payable in equal monthly installments of principal, balance due on May 15, 2024. Effective interest rate for 2021 and 2020 was 4.5% and 5.2%. ⁽¹⁾		954	⁽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%.		39			23
Total debt		993			6,729
Less current portion of long-term debt		393			3,595
Long-term debt	$	600		$	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/debt discount costs of ($112,000) and ($105,000) at December 31, 2021 and December 31, 2020, respectively.

(3)	Uncollateralized note.

(4)	Entered into with the Company’s credit facility lender under the PPP under the CARES Act (see “PPP Loan” below for information regarding forgiveness on the entire loan balance, along with accrued interest, effective June 15, 2021).

SCHEDULE OF MATURITIES OF LONG-TERM DEBT

The following table details the amount of the maturities of long-term debt maturing in future years at December 31, 2021 (excludes debt issuance costs of $112,000).

Year ending December 31:
(In thousands)	2022	$	441
	2023		437
	2024		220
	2025		7
	Total	$	1,105

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details