| Schedule of Long term Debt |
Long-term
debt consists of the following:
Schedule of Long term Debt
| (Amounts in Thousands) |
|
September 30, 2021 |
|
|
December 31, 2020 |
|
| Total debt |
|
|
1,098 |
|
|
|
6,729 |
|
|
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 the first nine month of 2021 was 5.3%. (1)
|
|
$ |
— |
|
|
$ |
— |
|
|
Term Loan dated May 8, 2020, payable in equal monthly installments of principal, balance due on May 15, 2024. Effective interest rate for the first nine months of 2021 was 4.4%. (1)
|
|
|
1,056 |
(2) |
|
|
1,388 |
(2) |
|
Promissory Note dated April 14, 2020, balance of loan forgiven. Interest accrued at annual rate of 1.0%. (3)
|
|
|
— |
(4) |
|
|
5,318
|
(4) |
| Notes Payable to 2023 and 2025, annual interest rate of 5.6% and 9.1%. |
|
|
42 |
|
|
|
23 |
|
| Total debt |
|
|
1,098 |
|
|
|
6,729 |
|
| Less current portion of long-term debt |
|
|
396 |
|
|
|
3,595 |
|
| Long-term debt |
|
$ |
702 |
|
|
$ |
3,134 |
|
| (1) |
|
Our revolving credit
facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. |
| (2) |
|
Net of debt issuance
costs of ($117,000) and ($105,000) at September 30, 2021 and December 31, 2020, respectively. |
| (3) |
|
Uncollateralized
note. |
| (4) |
|
Entered into with
the Company’s credit facility lender under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief,
and Economic Security Act (“CARES Act”) (see “PPP Loan” below for information regarding forgiveness on the entire
loan balance, along with accrued interest, effective June 15, 2021). |
|