Quarterly report pursuant to Section 13 or 15(d)

Long Term Debt (Tables)

v3.19.3
Long Term Debt (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consists of the following at September 30, 2019 and December 31, 2018:

 

(Amounts in Thousands)   September 30, 2019     December 31, 2018  
Revolving Credit facility dated October 31, 2011, as amended, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due on March 24, 2021. Effective interest rate for the first nine months of 2019 was 6.7%. (1)

 

 

 

 $

 

 

─

 

 

 

 

 

 

 $

 

 

639

  
Term Loan dated October 31, 2011, as amended, payable in equal monthly installments of principal of $102, balance due on March 24, 2021. Effective interest rate for the first  nine months of 2019 was 6.7%. (1)

 

 

 

 

 

 

 

1,915

 

 

(2)

 

 

 

  

 

 

2,663

 (2)
Promissory Note with related party dated April 1, 2019, payable in twelve monthly installments of interest only, starting May 1, 2019 followed with twelve monthly installments of approximately $208 in principal plus accrued interest. Interest accrues at annual rate of 4.0%. (3)

 

 

 

  

 

 

1,994

 

 

(4)

 

 

 

  

 

 

 ─

  
Total debt     3,909       3,302  
Less current portion of long-term debt     987       1,184  
Long-term debt   $ 2,922     $ 2,118  

 

(1) Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. Effective July 1, 2019, monthly installment principal payment on the Term Loan was amended to approximately $35,547 from approximately $101,600. See discussion of the amendment dated June 20, 2019 to the Company’s loan agreement below.

 

(2) Net of debt issuance costs of ($111,000) and ($80,000) at September 30, 2019 and December 31, 2018, respectively.

  

(3) Uncollateralized note.

 

(4) Net of debt discount/debt issuance of ($298,000) at September 30, 2019. The Promissory Note provides for prepayment of principal over the term of the Note without penalty. During the third quarter of 2019, the Company made prepayments of principal totaling $208,000.