| Schedule of Long Term Debt |
Long-term
debt consists of the following:
Schedule of Long Term Debt
| (Amounts in Thousands) |
|
June
30, 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, 2024. Effective interest rate for first six months of 2023 was 9.7%. (1) |
|
$ |
- |
(3) |
|
$ |
- |
|
| 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 first six months of 2023 was 9.7%. (1) |
|
$ |
— |
(3) |
|
$ |
— |
|
| Term
Loan dated May 8, 2020, payable in equal monthly installments of principal, balance due on May 15, 2024. Effective interest rate
for first six months of 2023 was 9.2% (1) |
|
|
345 |
(2)
(3) |
|
|
552 |
(2) |
| Capital
Line dated May 4, 2021, payable in equal monthly installments of principal, |
|
|
|
|
|
|
|
|
| balance due on May 15, 2024. Effective interest
rate for first six months of 2023 |
|
|
|
|
|
|
|
|
| was 8.3% (1) |
|
|
410
|
(3) |
|
|
463 |
|
| Notes
Payable to 2023 and 2025, annual interest rate of 5.6% and 9.1%. |
|
|
17 |
|
|
|
24 |
|
| Total debt |
|
|
772 |
|
|
|
1,039 |
|
| Less current portion
of long-term debt |
|
|
456 |
|
|
|
476 |
|
| Long-term debt |
|
$ |
316 |
|
|
$ |
563 |
|
| (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 ($82,000) and ($88,000) at June 30, 2023 and December 31, 2022, respectively. |
| (3) |
As discussed in
“Note 15 – Subsequent Events – Credit Facility,” on July 31, 2023, the Company entered into an amendment to the
Loan Agreement dated May 8, 2020, as amended, which extended the existing credit facility with a maturity date of May 15, 2024 to May
15, 2027. In accordance with ASC 470, “Debt,” this post balance-sheet date agreement demonstrated the Company’s ability
to refinance its short-term obligations under its credit facility on a long-term basis; therefore, the Company has reclassified the current
portion of the outstanding debt under the credit facility to long-term except for approximately $105,000 in principal payments under
the Capital Line that will be due by June 30, 2024. The remaining principal balance of the Term Loan balance is classified as current
as the balance will be paid-in-full by June 30, 2024 (see “Note 15 - Subsequent Events – Credit Facility” for further
details of this amendment dated July 31, 2023). |
|