Long-term debt consists of the following at and

 

Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment.

 

See below “Revolving Credit and Term Loan Agreement” for monthly payment interest options. Prior to the monthly installment payment under the term loan was approximately

 

Uncollateralized note.

 

Net of debt discount of at See “Promissory Notes” below for additional information.

 

Net of debt issuance costs of and at and respectively.

 

The Company is subject to an Amended and Restated Revolving Credit, Term Loan and Security Agreement (“Loan Agreement”) with PNC National Association (“PNC”), acting as agent and lender. The Loan Agreement, as subsequently amended prior to the amendment discussed below (“Amended Loan Agreement”), provided the Company with the following credit facility: (a) up to revolving line of credit (“revolving credit”), subject to the amount of borrowings based on a percentage of eligible receivables (as defined) and (b) a term loan (“term loan”) of which required monthly installments of approximately (based on a -year amortization).

 

Under the Amended Loan Agreement, the Company had the option of paying an annual rate of interest due on the revolving credit at prime plus or London Inter Bank Offer Rate (“LIBOR”) plus and the term loan at prime plus or LIBOR plus

 

On the Company entered into an amendment to the Amended Loan Agreement with PNC which provided, among other things, the following (the amendment, together with the Amended Loan Agreement is collectively the “Revised Loan Agreement”):

 

 

 

 

 

 

In connection with the amendment, the Company paid PNC total closing fees of approximately As a result of the amendment, the Company recorded approximately in loss on extinguishment of debt in accordance with ASC - “Debt – Modifications and Extinguishments,” which was included in interest expense in the accompanying Consolidated Statements of Operations.

 

Pursuant to the Revised Loan Agreement, the Company terminate the Revised Loan Agreement upon days’ prior written notice upon payment in full of its obligations under the Revised Loan Agreement. The Company has agreed to pay PNC of the total financing in the event the Company pays off its obligations on or before of the total financing if the Company pays off its obligations after but prior to or on and of the total financing if the Company pays off its obligations after but prior to or on early termination fee shall apply if the Company pays off its obligations after

 

The Company’s credit facility with PNC contains certain financial covenants, along with customary representations and warranties. A breach of any of these financial covenants, unless waived by PNC, could result in a default under our credit facility allowing our lender to immediately require the repayment of all outstanding debt under our credit facility and terminate all commitments to extend further credit. The Company failed to meet its minimum quarterly fixed charge coverage ratio (“FCCR”) requirement of in the quarter of On the Company’s lender waived this non-compliance. In connection with this waiver, the Company paid PNC a fee of which was included in selling, general and administrative expenses. The Company met its financial covenant requirements in the quarter of except for its quarterly FCCR requirement. On the Company entered into an amendment to its Revised Loan Agreement with its lender which waived the Company’s non-compliance with its minimum quarterly FCCR for the quarter of In addition, the amendment revised the methodology to be used in calculating the FCCR in the quarter of the quarter of and the quarter of This amendment also revised the Company’s minimum Tangible Adjusted Net Worth requirement (as defined in the Revised Loan Agreement) from to In connection with the amendment, the Company paid PNC a fee of which is being amortized over the remaining term of the loan as interest expense – financing fees. The Company failed to meet its FCCR in the quarter of On the Company entered into another amendment to its Revised Loan Agreement with its lender. This amendment included the following:

 

As of the availability under our revolving credit was based on our eligible receivables and includes the remaining indefinite reduction of borrowing availability of as discussed above.

 

Pursuant to the amendment dated as discussed above, the Company’s lender also established a “Condition Subsequent” which requires the Company to receive restricted cash from a finite risk sinking fund in connection with our PFNWR closure policy. Immediately upon the receipt of funds, the Company’s lender is to immediately place another restriction on the Company’s borrowing availability resulting in a total of restriction on the Company’s borrowing availability (see “Note – Commitments and Contingencies” – “Insurance” for further information of the PFNWR closure policy and the pending receipt of the related sinking fund).

 

All other terms of the Revised Loan Agreement remain principally unchanged. In connection with this amendment, the Company paid its lender a fee of which is being amortized over the remaining term of the loan as interest expense-financing fees.

 

The Company entered into a loan dated with Messrs. Robert Ferguson and William Lampson (each known as the “Lender”). As consideration for the Company receiving the loan, the Company issued to each Lender a Warrant to purchase up to shares of the Company’s Common Stock at an exercise price of per share. On each Lender exercised his Warrant for the purchase of shares of our Common Stock, resulting in total proceeds paid to the Company of approximately As further consideration for the loan, the Company had also issued to each Lender shares of the Company’s Common Stock. The fair value of the Warrants and Common Stock and the related closing fees incurred from this transaction were recorded as a debt discount, which has been fully amortized using the effective interest method over the term of the loan as interest expense – financing fees. The loan was repaid in full by the Company in

 

The following table details the amount of the maturities of long-term debt maturing in future years as of of our continuing operations (excludes debt issuance costs).