Quarterly report [Sections 13 or 15(d)]

Long Term Debt (Tables)

v3.25.1
Long Term Debt (Tables)
3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Long Term Debt

Long-term debt consists of the following as of March 31, 2025, and December 31, 2024:

 

Schedule of Long Term Debt

(Amounts in Thousands)   March 31, 2025       December 31, 2024    
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 first quarter of 2025 was 9.5% (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 rates for first quarter of 2025 was 9.5% (1)   $       $    
Term Loan dated July 31, 2023, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rates for  first quarter of 2025 was 8.2% (1)     1,708         1,834    
Capital Loan dated May 4, 2021, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rates for first quarter of 2025 was 7.7% (1)     227         253    
Debt Issuance Costs (2)     (174 ) (2)   (178 ) (2)
Notes Payable up to 2044, with annual interest rates ranging from 8.2% to 10.7% (3)     401         406    
Total debt     2,162         2,315    
Less current portion of long-term debt     541         550    
Long-term debt   $ 1,621       $ 1,765    

 

(1) Our revolving credit facility is collateralized by our accounts receivable, and our term loan and capital loan 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 Loan 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 which include a variable interest rate provision, which interest rate will be adjusted at the end of years five, ten and fifteen from the date of the note.