| SCHEDULE OF LONG TERM DEBT |
Long-term
debt consists of the following as of December 31, 2024, and December 31, 2023:
SCHEDULE
OF LONG TERM DEBT
| (Amounts
in Thousands) |
|
December
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 rates for 2024 and 2023 were 10.5% and 9.7%, respectively (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 rates for 2024 and 2023 were 10.5% and 9.7%, respectively (1) |
|
$ |
— |
|
|
$ |
— |
|
| Term
Loan 1 dated May 8, 2020, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest
rates for 2024 and 2023 were 9.5% and 9.2%, respectively (1) |
|
|
— |
|
|
|
213 |
|
| Term
Loan 2 dated July 31, 2023, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest
rates for 2024 and 2023 were 9.3% and 9.9%, respectively (1) |
|
|
1,834 |
|
|
|
2,333 |
|
| Capital
Loan dated May 4, 2021, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rates
for 2024 and 2023 were were 8.7% and 8.6%, respectively (1) |
|
|
253 |
|
|
|
358 |
|
| Debt
Issuance Costs |
|
|
(178 |
)(2) |
|
|
(170 |
)(2) |
| Notes
Payable up to 2044, with annual interest rates ranging from 8.10% to 10.7% (3) |
|
|
406 |
|
|
|
14 |
|
| Total
debt |
|
|
2,315 |
|
|
|
2,748 |
|
| Less
current portion of long-term debt |
|
|
550 |
|
|
|
773 |
|
| Long-term
debt |
|
$ |
1,765 |
|
|
$ |
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, Terms Loans and Capital
Loan, as applicable. |
| (3) |
Includes a promissory
note entered into on July 24, 2024, in connection with the purchase of the Company’s EWOC property. See a discussion of this note
below which include a variable interest rate provision. |
|