| Schedule of Long Term Debt |
Long-term
debt consists of the following as of March 31, 2024, and December 31, 2023:
Schedule
of Long Term Debt
| (Amounts in Thousands) |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
| Revolving Credit facility
dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due
on May 15, 2027. Effective interest rate for the first quarter of 2024 was 10.5% (1) |
|
$ |
— |
|
|
$ |
— |
|
| Revolving Credit facility
dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due
on May 15, 2027. Effective interest rate for the first quarter of 2024 was 10.5% (1) |
|
$ |
— |
|
|
$ |
— |
|
| Term Loan 1 dated May 8,
2020, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rate for the first quarter
of 2024 was 10.2% (1) |
|
|
107 |
|
|
|
213 |
|
| Term Loan 2 dated July
31, 2023, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rate for first quarter
of 2024 was 9.5% (1) |
|
|
2,208 |
|
|
|
2,333 |
|
| Capital Line dated
May 4, 2021, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rate for first quarter
of 2024 was 9.0% (1) |
|
|
332 |
|
|
|
358 |
|
| Debt Issuance Costs |
|
|
(158 |
)(2)
|
|
|
(170 |
)(2)
|
|
Notes Payable up to 2030, annual interest rate of 10.7% and 9.1%. |
|
|
57 |
|
|
|
14 |
|
| Total debt |
|
|
2,546 |
|
|
|
2,748 |
|
| Less current portion of long-term debt |
|
|
673 |
|
|
|
773 |
|
| Long-term debt |
|
$ |
1,873 |
|
|
$ |
1,975 |
|
| (1) |
Our revolving credit facility is collateralized by our accounts
receivable, and our term loans and capital line are collateralized by our property, plant, and equipment. |
| (2) |
Aggregate unamortized debt issuance costs in connection with
the Company’s credit facility, which consists of the revolving credit, Term loan 1, Term loan 2 and Capital Line, as applicable. |
|