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:
(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.
Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef