| Schedule of Long Term Debt |
Long-term
debt consists of the following:
Schedule of Long Term Debt
| (Amounts in Thousands) |
|
September 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, 2027. Effective interest rate for first nine months of 2023 was 9.7%. (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 first nine months of 2023 was 9.7%. (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 first nine months of 2023 was 9.1% (1) |
|
|
320 |
|
|
|
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 first nine months of 2023 was 9.9% (1) |
|
|
2,458 |
|
|
|
- |
|
| Capital Line dated May 4, 2021, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rate for first nine months of 2023 was 8.5% (1) |
|
|
384 |
|
|
|
463 |
|
| Debt Issuance Costs |
|
|
(182 |
)(2) |
|
|
(88 |
)(2) |
|
Notes Payable to 2023 and 2025,
annual interest rate of 5.6% and 9.1%. |
|
|
15 |
|
|
|
24 |
|
| Total debt |
|
|
2,995 |
|
|
|
1,039 |
|
| Less current portion of long-term debt |
|
|
880 |
|
|
|
476 |
|
| Long-term debt |
|
$ |
2,115 |
|
|
$ |
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 Facility, Term loan 1, Term loan 2 and Capital Line, as applicable. |
|