Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.20.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

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

 

(Amounts in Thousands)   December 31, 2019     December 31, 2018  
Revolving Credit facility dated October 31, 2011, as amended, borrowings based uponeligible accounts receivable, subject to monthly borrowing base calculation, balance due on March 24, 2021. Effective interest rate for 2019 and 2018 was 6.6% and 5.8%, respectively. (1)   $ 321     $ 639  
Term Loan dated October 31, 2011, as amended, payable in equal monthly installments of principal, balance due on March 24, 2021. Effective interest rate for 2019 and 2018 was 6.9% and 5.5%, respectively. (1)     1,827 (2)     2,663 (2)
Promissory Note dated April 1, 2019, payable in twelve monthly installments of interest only, starting May 1, 2019 followed with twelve monthly installments of approximatelyt $208 in principal plus accrued interest.  Interest accrues at annual rate of 4.0%. (3)     1,732 (4)      ─  
Total debt     3,880       3,302  
Less current portion of long-term debt     1,300 (4)     1,184  
Long-term debt   $ 2,580     $ 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 $35,500 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 ($92,000) and ($80,000) at December 31, 2019 and December 31, 2018, respectively.

 

(3) Uncollateralized note.

 

(4) Net of debt discount/debt issuance costs of ($248,000) at December 31, 2019. The Promissory Note provides for prepayment of principal over the term of the Note without penalty. The Company made prepayments of principal totaling $520,000 in 2019 which was reflected in the current portion of the debt.
Schedule of Maturities of Long-term Debt

The following table details the amount of the maturities of long-term debt maturing in future years at December 31, 2019 (excludes debt issuance/debt discount costs of $340,000).

 

Year ending December 31:      
(In thousands)      
2020     1,573  
2021     2,647  
Total   $ 4,220