| SCHEDULE OF LONG TERM DEBT |
Long-term
debt consists of the following as of December 31, 2023, and December 31, 2022:
SCHEDULE OF LONG TERM DEBT
| (Amounts in Thousands) |
|
December
31, 2023 |
|
|
December
31, 2022 |
|
| 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 rate for 2023 and 2022 was 9.7% and 8.9%, 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, 2027. Effective interest rate
for 2023 and 2022 was 9.7%
and 8.9%,
respectively. (1)
|
|
$ |
— |
|
|
$ |
— |
|
|
Term Loan 1
dated May 8, 2020, payable in equal monthly installments of principal, balance due on May
15, 2027. Effective interest rate for 2023
and 2022 was 9.2%
and 5.6%,
respectively (1)
|
|
|
213 |
|
|
|
640 |
|
|
Term Loan 2 dated July 31, 2023, payable
in equal monthly installments of principal, balance due on May
15, 2027. Effective interest rate for 2023 was 9.9%
(1)
|
|
|
2,333 |
|
|
|
— |
|
|
Capital Line dated
May 4, 2021, payable in equal monthly installments of principal, balance due on May
15, 2027. Effective interest rate for 2023
and 2022 was was 8.6%
and 6.2%,
respectively (1)
|
|
|
358 |
|
|
|
463 |
|
| Debt Issuance Costs |
|
|
(170 |
)(2) |
|
|
(88 |
)(2) |
|
Notes
Payable to 2023 and 2025, annual interest rate of 5.6%
and 9.1%.
|
|
|
14 |
|
|
|
24 |
|
| Total debt |
|
|
2,748 |
|
|
|
1,039 |
|
| Less current portion
of long-term debt |
|
|
773 |
|
|
|
476 |
|
| Long-term debt |
|
$ |
1,975 |
|
|
$ |
563 |
|
| (1) |
Our revolving credit
facility is collateralized by our accounts receivable, and our term loans and capital line 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, Term loan 1, Term
loan 2 and Capital Line, as applicable. |
|
| SCHEDULE OF MATURITIES OF LONG-TERM DEBT |
The
following table details the amount of the maturities of long-term debt maturing in future years as of December 31, 2023 (excludes unamortized
debt issuance costs of $170,000).
SCHEDULE OF MATURITIES OF LONG-TERM DEBT
|
Year ending December 31:
(In thousands)
|
|
|
|
| 2024 |
|
$ |
824 |
|
| 2025 |
|
|
612 |
|
| 2026 |
|
|
605 |
|
| 2027 |
|
|
877 |
|
| Total |
|
$ |
2,918 |
|
|