Annual report pursuant to Section 13 and 15(d)

Long Term Debt (Tables)

v3.21.1
Long Term Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long term Debt

Long-term debt consists of the following at December 31, 2020 and December 31, 2019:

 

(Amounts in Thousands)  

December 31,

2020

    

December 31,

2019

  
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 2020 and 2019 was 6.1% and 6.6%, respectively. (1)   $ —     $ 321  
Term Loan dated May 8, 2020, payable in equal monthly installments of principal, balance due on May 15, 2024. Effective interest rate for 2020 and 2019 was 5.2% and 6.9%, respectively. (1)     1,388 (2)     1,827 (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 approximately $208 in principal plus accrued interest. Interest accrues at annual rate of 4.0%. (3)     — (4)     1,732 (4)
Promissory Note dated April 14, 2020, balance subject to loan forgiveness. Interest accrues at annual rate of 1.0%. (3)     5,318 (5)     —  
Note Payable dated June 10, 2020, payable in 36 monthly installments, starting in July 2020 at annual interest rate of $5.64%.     23       —  
Total debt     6,729       3,880  
Less current portion of long-term debt     3,595 (4)     1,300 (4)
Long-term debt   $ 3,134     $ 2,580  

 

(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 “Revolving Credit and Term Loan Agreement” below for terms of the Company’s credit facility prior to the New Loan Agreement dated May 8, 2020.

 

(2) Net of debt issuance costs of ($105,000) and ($92,000) at December 31, 2020 and December 31, 2019, respectively.

 

(3) Uncollateralized note.

 

(4) Net of debt discount/debt issuance costs of ($0) and ($248,000) at December 31, 2020 and December 31, 2019, respectively. The Promissory Note provided for prepayment of principal over the term of the Note without penalty. In 2019, the Company made total prepayment of principal of $520,000 which was reflected in the current portion of the debt. In 2020, the outstanding principal balance of $1,980,000 was paid-in-full of which of which $416,000 was prepaid.

 

(5) Entered into with the Company’s credit facility lender under the PPP under the CARES Act (see “PPP Loan” below for further information on this loan and its terms).
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, 2020 (excludes debt issuance costs of $105,000).

 

Year ending December 31:            
(In thousands)     2021       3,627  
      2022       2,562  
      2023       431  
      2024       214  
Total           $ 6,834