Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Long-term debt consists of the following at December 31, 2022 and December 31, 2021:

SCHEDULE OF LONG TERM DEBT

(Amounts in Thousands)	December 31, 2022			December 31, 2021
Revolving Credit facility dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due on May 15, 2024. Effective interest rate for 2022 and 2021 was 0% and 5.3%, 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, 2024. Effective interest rate for 2022 and 2021 was 8.9% and 5.3%, respectively ⁽¹⁾	$	—		$	—
Term Loan dated May 8, 2020, payable in equal monthly installments of principal, balance due on May 15, 2024. Effective interest rate for 2022 and 2021 was 5.6% and was 4.5%, respectively ⁽¹⁾		552	⁽²⁾		954	⁽²⁾
Capital Line dated May 4, 2021, payable in equal monthly installments of principal, balance due on May 15, 2024. Effective interest rate for 2022 was 6.2%. ⁽¹⁾		463			—
Notes Payable to 2023 and 2025, annual interest rate of 5.6% and 9.1%.		24			39
Total debt		1,039			993
Less current portion of long-term debt		476			393
Long-term debt	$	563		$	600

⁽¹⁾	Our revolving credit facility is collateralized by our accounts receivable and our term loan and capital line are collateralized by our property, plant, and equipment.

⁽²⁾	Net of debt issuance costs of ($88,000) and ($112,000) at December 31, 2022 and December 31, 2021, respectively.

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, 2022 (excludes debt issuance costs of $88,000).

Year ending December 31:
(In thousands) 2023	$	542
2024		578
2025		7
Total	$	1,127

- Definition

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.

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+ Details