| Schedule of Long Term Debt |
Long-term
debt consists of the following as of June 30, 2024, and December 31, 2023:
Schedule of Long Term Debt
| (Amounts
in Thousands) |
|
June
30, 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 six months 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 six months 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 six months of 2024 was 9.5% (1) |
|
|
— |
|
|
|
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 six months of 2024 was 9.4% (1) |
|
|
2,083 |
|
|
|
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 six months of 2024 was 8.8% (1) |
|
|
306 |
|
|
|
358 |
|
| Debt
Issuance Costs |
|
|
(202 |
)(2) |
|
|
(170 |
)(2) |
| Notes
Payable up to 2030, annual interest rate of 10.7% and 9.1%. |
|
|
54 |
|
|
|
14 |
|
| Total
debt |
|
|
2,241 |
|
|
|
2,748 |
|
| Less
current portion of long-term debt |
|
|
546 |
|
|
|
773 |
|
| Long-term
debt |
|
$ |
1,695 |
|
|
$ |
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. |
|